Crypto Stocks Plummet as Bitcoin Drops Ahead of Senate Vote

Crypto-linked stocks fell sharply on Tuesday as Bitcoin declined ahead of a critical Senate vote on crypto regulation. The Federal Reserve's rate decision is also due on Wednesday, which will likely have an impact on the market.

Coinbase Global shares dropped 7% to $178, while Strategy, formerly known as MicroStrategy, slid 5% to $130.32. MARA Holdings fell a more modest 2% to $11.2. Bitcoin was down 3.1% over the past 24 hours, trading at $76,180.

The Senate is scheduled to vote on whether to advance the Clarity Act, legislation aimed at creating a clearer federal framework for digital assets. The bill needs 60 votes to clear the procedural hurdle and its path remains uncertain due to ongoing political disagreement.