Bitcoin Suffers Heavy Losses Amid Regulatory Fears and Bond Market Pressures

Bitcoin's price took a hit on September 15, plummeting over 4% since 4:30 p.m. ET as investors grew concerned about regulatory pressures and tightening financial conditions.

The Senate is set to vote on the CLARITY Act, which aims to establish a regulatory framework for digital assets. The bill requires 60 votes to advance, but reports suggest it may lack sufficient support due to concerns from Senate Democrats.

However, the decline in Bitcoin's price isn't solely attributed to Washington. The cryptocurrency is also sensitive to changes in the bond market, with rising oil prices and a 10-year Treasury yield topping 5% - its highest level in nearly 20 years - contributing to selling pressure.