Crypto
Fed Decision Looms as Bitcoin's Price Takes a Hit from Failed Clarity Act Vote
Bitcoin's price took a hit yesterday due to the failed Clarity Act vote in the Senate, which has made it unlikely for comprehensive crypto market structure legislation to advance this year.
The cryptocurrency briefly fell below the key $75,500 support level before consolidating around it ahead of today's FOMC decision.
The Federal Reserve is expected to hike interest rates by 25 basis points, but traders will be watching for any deviations from expectations, particularly on the Dot Plot projection of future rate hikes.
If the Fed signals three or more further hikes, it could be seen as a hawkish surprise and weigh on Bitcoin's price, while a forecast suggesting just one or two more rate hikes could be taken as dovish and give Bitcoin a boost.