Bitcoin Steadies Amid Anticipation of Clarity Act Vote
Bitcoin's price remained steady on Tuesday at $77,406.0, despite some volatility in the crypto market. The digital currency fell 0.2% from the previous session's close.
The stability in Bitcoin's price comes ahead of a key vote on the Clarity Act in the U.S. Senate. The legislation aims to establish a wide-reaching regulatory framework for cryptocurrency and has been supported by crypto proponents.
However, the bill still needs to attract Democrat support to clear Congress. Republican senators have been working to wrangle support from Democrats, with some progress made on Monday when President Donald Trump reportedly agreed to a new ethics provision in the Clarity Act.
The provision is designed to block insider trading by federal officials and was demanded by Senate Democrats. Despite this development, broader crypto prices were weighed down by growing risk aversion and rising benchmark U.S. Treasury yields.