Bitcoin at four-week low ahead of Fed decision after CLARITY Act failure
- —Bitcoin fell 4% to $75,026 after the CLARITY Act was rejected by a 49–50 vote
- —The Senate fell short of 60 votes, and the bill will not pass before the November midterms
- —Analysts: a break below $75,000 opens the way to $69,000–70,000
- —A Fed rate hike will intensify crypto's competition with real bond yields
Why it matters: Without federal legislation, US crypto businesses depend on regulatory decisions that can change with administrations, holding back institutional investment.
Source: Yahoo Finance Crypto