Bitcoin Trades at Low Levels After Clarity Act Fails to Pass Procedural Vote
Dow Jones
6 hours ago
0648 GMT - Bitcoin trades close to a near four-week low reached on Tuesday after the Clarity Act, a bill which would have established a regulatory framework for cryptocurrencies and other digital assets, failed to pass a procedural Senate vote. Bitcoin trades at $75,886, having dropped sharply to a low of $74,987 on Tuesday. If bitcoin drops below $75,000, it could fall further towards $69,000-$70,000, says Etoro's Javier Molina in a note. "If the Clarity Act does not pass now, the regulatory framework connecting traditional money, stablecoins, payments and tokenised assets will be delayed," Still, banks and regulators will continue moving in that direction, he says. Expectations that the Federal Reserve will raise interest rates at a decision later Wednesday also weigh on the crypocurrency.
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