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Points of Focus
- Bitcoin traded at $75,977.39 after the CLARITY Act failed a 49-50 Senate cloture vote.
- BTC had already hit $75,560 before the vote as yields, oil and Fed hike expectations pressured risk assets.
- Spot Bitcoin ETFs took in $159.9 million on Sept. 14 despite the price decline.
Bitcoin slipped below $76,000 on Tuesday, trading at $75,977.39 after the US Senate failed to advance the CLARITY Act. The procedural cloture vote ended 49-50, according to AP News, leaving the crypto market-structure bill short of the 60 votes needed to open floor debate.
CLARITY Act fails Senate 60-vote hurdle
The vote didn’t decide final passage. It tested whether the Senate could move to debate H.R. 3633, which would set federal rules for digital assets and divide oversight between the SEC and CFTC. With Republicans holding 53 seats, leadership needed at least seven Democratic votes if the GOP stayed united.
The failed vote further narrowed the path to passage before the November midterm elections. The House and Senate are due out of session in October ahead of the elections, leaving supporters less floor time to revive the bill this year.
Twenty One Capital CEO Raphael Zagury told AlphaWire that the procedural setback doesn’t end the policy effort. He said continued uncertainty raises capital costs for Bitcoin-focused businesses, including lending, product development and capital-markets operations.
Bitwise CIO Matt Hougan said before the vote that he didn’t expect the CLARITY Act to pass Tuesday and warned that the Senate calendar becomes harder from here. That timing matters for Bitcoin because BTC had already fallen to $75,560 before the final vote, limiting how much of Tuesday’s decline can be attributed to the Senate result alone.
Bitcoin price faces Fed and bond-market pressure
The 10-year US Treasury yield reached 5.04% on Tuesday, its highest level since July 2007, while Brent crude rose 3.3% to $109.20 a barrel. Markets were also positioning for a quarter-point Federal Reserve rate increase on Sept. 16 as higher energy prices revived inflation concerns.
Bitcoin still showed one positive demand signal. US spot Bitcoin ETFs recorded $159.9 million in net inflows on Sept. 14, led by BlackRock’s IBIT with $134.3 million. The inflow ended four straight sessions of redemptions, which removed about $462.7 million from the funds between Sept. 8 and Sept. 11.
ETF buying didn’t stop BTC from breaking below $76,000 on Tuesday. The next macro test comes on Sept. 16, when the Fed delivers its rate decision with Bitcoin’s Tuesday low at $75,560.
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