Bitcoin Falls Ahead of Potential U.S. Rate Rise, Crypto Bill Vote
Dow Jones
Yesterday
1159 GMT - Bitcoin falls as expectations for a U.S. interest-rate rise weigh on risk sentiment and as investors await a pivotal U.S. Senate procedural vote on cryptocurrency legislation. Money market pricing shows a 91% chance of a 25 basis points rate rise by the Federal Reserve on Wednesday, according to LSEG. The vote on the Clarity Act, which would establish a broad regulatory framework for digital assets, will be held later in the day. "Chances of approval remain split, with a likely failure potentially triggering a significant downleg in cryptos," XM analyst Achilleas Georgolopoulos says in a note. "Specifically for bitcoin, the sizeable August price gains could be under threat." Bitcoin drops 2.8% to $76,896, LSEG data show.
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