Bitcoin Falls Below $76,000 After Senate Rejects Crypto Bill

Bitcoin's price fell below $76,000 on Tuesday after the U.S. Senate failed to advance a key cryptocurrency regulatory bill, with markets also bracing for a Federal Reserve interest rate decision expected to deliver a hike. The digital asset dropped to an intraday low of $74,900 following the Senate vote on the Digital Asset Market Clarity Act, before stabilizing around $75,900 in early Wednesday trading in London. The Senate cloture vote, held at 2:15 p.m. ET on September 15, received 50 votes in favor and 49 against, falling short of the 60 votes needed to advance the legislation. The bill, known as the CLARITY Act, aimed to establish a comprehensive federal framework for digital assets by clarifying the regulatory roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. The failed vote arrived as investors were simultaneously assessing the prospect of higher U.S. interest rates. The Federal Reserve is scheduled to announce its rate decision on September 16, with markets pricing in a high probability of a rate increase. Reuters reported that traders assigned an 85% likelihood to a hike following recent inflation data.