Crypto Stocks Slide Ahead of Clarity Act Vote and Fed Decision

Crypto stocks experienced a decline in premarket trading on Tuesday ahead of two key events: the congressional vote on the Clarity Act and the Federal Reserve's rate decision on Wednesday.

The Clarity Act aims to establish a regulatory framework for cryptocurrencies, but had previously stalled due to concerns about ethics and illicit finance safeguards. Bitcoin dropped 2.9% to $76,833.83, while Ether decreased 3.8% to $2,471.74.

Crypto exchange Coinbase Global led the decline with a 4.7% drop in premarket trading. Other cryptocurrency mining companies such as Riot Platforms Inc, MARA Holdings, Hut 8, and Bit Digital also fell between 1.6% and 2.2%.