Bitcoin stalls as Clarity Act passage odds fall to 18%
Bitcoin's recent run hit a pause after hopes for the US Clarity Act (a key crypto regulation bill) took a dive.
The bill's chances of passing this year have dropped from over 30% to just 18%, and Bitcoin's price slipped from $79,586 to under $78,000 by Tuesday morning in Singapore.
Political gridlock between Senate Republicans and Democrats is holding things up, even as Democrats work on a counteroffer before the next big vote.
Republicans tweak bill, crypto stocks rally
Republicans have tweaked the bill, giving more power to the Treasury over bank risks and adding strict rules for presidential crypto investments.
Shares of crypto-related companies rallied Monday, with digital exchange Coinbase Global Inc. jumping 9.2% and stablecoin issuer Circle Internet Group Inc. increasing 7.5%.
Now, some industry observers are watching the upcoming Federal Reserve meeting: a possible interest rate hike could shake up crypto prices even more.