Bitcoin drops to $77,800 amid Clarity Act uncertainty, oil rise
Business
Bitcoin slipped to about $77,800, snapping its recent rally.
One of the main reasons? Uncertainty over the Senate's upcoming vote on the Clarity Act, which could change how crypto is regulated in the US.
On top of that, oil prices have jumped to $103 a barrel, making people worry about inflation and possible interest rate hikes from the Federal Reserve.
Clarity Act clouds crypto regulatory outlook
Senate debates around the Clarity Act have made things shaky for Bitcoin and other coins like XRP and ether.
Sen. Cynthia Lummis noted there's been a lot of pushback on these changes before, so it's anyone's guess how this will play out.
If the Act doesn't pass, expect more guidance from regulators like the Securities and Exchange Commission and the Commodity Futures Trading Commission soon.