Bitcoin Slips To $77,800 As Senate Nears Vote On Clarity Act

Bitcoin pulled back from Monday’s highs above $79,000 to trade near $77,800 during Tuesday’s Asian session, as ongoing Senate negotiations over crypto legislation and rising oil prices weighed on the broader market.

Senate Wrangling Weighs On Sentiment

The retreat followed reports that Democrats were still pushing for additional changes to the Digital Asset Market Clarity Act, even after the president reportedly agreed to revised ethics language Republicans presented over the weekend as a final compromise. One Republican senator leading the bill said Democrats kept demanding more concessions regardless of what was offered.

Tuesday’s procedural vote needs 60 votes to advance, meaning it requires bipartisan support. The bill would split digital asset oversight between the SEC and CFTC. Other major tokens, including XRP, ether and solana, saw similar pullbacks, though XRP still appeared positioned for a bullish technical crossover despite easing from recent highs.

Oil Prices And Fed Decision Add Pressure

Crude oil climbed back to about $103 per barrel after dipping to $100 overnight, raising inflation concerns.

The Federal Reserve is expected to raise rates by 25 basis points on Wednesday, lifting its target range to 3.75%-4%, with the 10 year Treasury yield hovering near 5%. Higher yields alongside a rate hike have historically pressured bitcoin. Some industry figures, including Coinbase’s CEO, have said regulators may deliver clarity on digital assets even if the Senate bill fails to pass.