Bitcoin steadies at $77.4k with focus on Clarity vote, Fed meeting
Investing.com-- Bitcoin moved little on Tuesday, steadying in anticipation of a U.S. vote on a key cryptocurrency regulatory act, while caution before a Federal Reserve meeting also weighed.
The world’s largest crypto fell 0.2% to $77,406.0 by 02:30 ET (06:30 GMT). Bitcoin gained some ground in the prior session after U.S. President Donald Trump reportedly agreed to a new ethics provision in the Clarity Act.
Broader crypto prices mostly fell on Tuesday, weighed by growing risk aversion as benchmark U.S. Treasury yields hit near two-decade highs, while oil prices rose further on a worsening conflict in the Middle East.
Anticipation of a Fed meeting limited any major upside in crypto, with the central bank widely expected to raise interest rates by 25 basis points on Wednesday.
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Senate to vote on Clarity Act on Tuesday
The Senate is set to vote on the Clarity Act on Tuesday, with the bill requiring at least 60 votes to clear Congress.
Republican senators, chiefly Cynthia Lummis, have been racing to wrangle Democrat support for the legislation. Lummis claimed on Monday that Trump had agreed to a new ethics provision in the Clarity act that aims to block insider trading by federal officials.
The measure was demanded by Senate Democrats. Other disagreements over the Clarity act are also centered around its treatment of yield payments on stablecoins, and its proposed division of digital asset regulation between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Still, the Clarity act represents the most elaborate attempt at establishing a wide-reaching regulatory framework for crypto in the U.S., and has been widely pushed by crypto proponents.
But the act still needs to attract some Democrat support to clear the Senate and move towards becoming a law.
Crypto price today: altcoins rangebound
Broader crypto prices moved in a tight band, amid few directly positive cues for the sector.
World no.2 crypto Ether fell 1% to $2,488.97, while XRP rose 1.1%.
Solana, Cardano, and BNB fell between 0.5% and 2%.
Memecoins Dogecoin and $TRUMP lost 1.6% apiece.
