Fed Hike and Clarity Act Failure Spark Crypto Market Reactions

The Federal Reserve raised its benchmark interest rate by 25 basis points to 3.75%-4% on September 16, marking its first rate hike since July.

This decision had a mixed impact on the crypto market, with Bitcoin initially falling almost 3% before recovering and trading near $76,000.

The Clarity Act, which aimed to regulate banks and the crypto industry, failed in the US Senate on September 15, with 49 votes in favor and 50 against. The bill needed 60 votes to advance.