Bitcoin Tumbles to September Low Amid CLARITY Act Setback and Global Bond Selloff
Bitcoin's price plummeted to a September low of around $75,000 after the US Senate failed to pass the CLARITY Act, a comprehensive crypto regulatory framework. The setback also followed a global bond selloff, with the US 10-year Treasury yield reaching its highest since 2007.
According to Prateek Gupta, Head of Business at Mudrex, Bitcoin has slipped below $75,000, marking a September low due to the failed Senate cloture vote. Sentiment has also cooled, with the Fear & Greed Index falling from 81 to 67.
The global crypto market capitalization dropped by 2.13% to $2.57 trillion, according to CoinMarketCap. Bitcoin experienced significant selling pressure and marked local lows below $75,000, while trading around $76,000 at press time, said the CoinDCX Research Team.