Fed Decision Looms as Bitcoin Plunges Below $75,000

Bitcoin's price has fallen to around $75,600 over the past 24 hours as the market reacts to the failed US Senate vote on the CLARITY Act and rising Treasury yields.

The Digital Asset Market Clarity Act aimed to establish a federal regulatory framework for digital assets and define the roles of US financial regulators. However, the bill failed to advance due to a lack of votes from Republican senators.

The 10-year US Treasury yield reached its highest level since July 2007 on September 15, adding pressure to the market. Leveraged liquidations have also contributed to Bitcoin's decline, with an estimated $500 million in crypto liquidations over the past 24 hours.

As the Federal Reserve prepares to announce its interest rate decision, investors are closely watching for signs of further tightening. A quarter-point increase would take the federal funds target range from 3.50%-3.75% to 3.75%-4.00%, and could have implications for Bitcoin's price.