Bitcoin was recently trading around $77,000.Credit: Chan Long Hei / Bloomberg via Getty Images
KEY TAKEAWAYS
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Bitcoin and crypto-related stocks fell Tuesday ahead of a key vote on the Clarity Act.
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The act, which proposes new crypto regulations, needs 60 votes to advance to a full vote in the Senate.
Crypto is getting clipped.
Bitcoin and several leading coin-linked stocks were lower Tuesday ahead of an important test for a major crypto bill.
The Clarity Act, which would establish new regulations for the industry, faces an afternoon cloture vote in the Senate today, and would need 60 votes to advance to a floor vote.
Uncertainty remains around the bill’s future, in part because Senate Democrats have been pushing for language that would address the wealth acquired by President Donald Trump and his family’s crypto ventures. A White House-approved ethics provision released Sunday evening might not suffice.
Passage through a cloture vote could be taken as a positive sign and boost bitcoin prices, which have recently pulled back after peaking above $81,000 earlier this month.
Bitcoin was trading below $77,000 this morning, while a number of crypto-related stocks—including Strategy (MSTR), Coinbase (COIN), Robinhood (HOOD) and Circle (CRCL)—were down at least 3%.
Read Investopedia’s full coverage of today’s trading here.
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