Bitcoin weakened on Tuesday, falling intraday to approximately $76,076 before trading near $76,314. The market faced dual pressures: a broad weakening of risk assets ahead of the Federal Reserve’s interest rate decision, and uncertainty surrounding the upcoming procedural vote in the U.S. Senate on the Digital Asset Market Clarity Act, whose progress remains uncertain.
Risk assets are under synchronized pressure.
U.S. stock futures declined ahead of the open, with the S&P 500 and Nasdaq opening lower, while the U.S. 10-year Treasury yield neared its highest level since 2023. Oil prices rose amid concerns over Middle East supply, further dampening market risk appetite. Tech stocks were also pressured by renewed discussions around AI safety, contributing to an overall cautious sentiment.
Under this context, crypto assets were not immune. Bitcoin opened at $78,185, briefly rose to $78,242, then reversed downward, closing down approximately 2.39% for the day—the lowest close since its recent “golden cross” formation.
The bill vote has become a short-term focus.
The more closely watched variable comes from Washington. The U.S. Senate is scheduled to hold a cloture vote at 2:15 p.m. Eastern Time on Tuesday on the Digital Asset Market Clarity Act, a procedural vote required to initiate formal debate.
The program typically requires 60 votes to pass, and market confidence in reaching this threshold has recently weakened. The probability assigned by prediction markets for the bill becoming law by 2026 declined noticeably after September, but has seen a slight rebound in recent days due to new concessions.
If this procedural vote fails, the bill will not be formally rejected, but comprehensive legislation for a structured crypto market may be delayed until after the midterm elections. As a result, the industry will continue to operate under the existing fragmented regulatory and enforcement framework of the SEC and CFTC.
Two time points are coming one after another.
- The Senate held a procedural vote on the bill Tuesday afternoon.
- The Federal Reserve announced its interest rate decision on Wednesday.
- Risk assets have already priced in cautious expectations.
For the crypto market, short-term volatility stems not only from individual assets but also from the combined pressure of policy developments and macroeconomic pricing. If legislative progress stalls, expectations for improved regulatory clarity in the U.S. crypto space may continue to cool; if the Fed maintains a hawkish stance, the range of risk assets under pressure could expand further.