Bitcoin Holds Above $77,000 as Investors Await Key US Crypto Vote and Fed Decision

Bitcoin traded in a narrow range on Tuesday, holding its ground as investors weighed two significant upcoming events: a crucial U.S. Senate vote on landmark cryptocurrency legislation and a monetary policy decision from the Federal Reserve.

As of 02:30 ET (06:30 GMT), the world's largest cryptocurrency was down a marginal 0.2% to $77,406.0, according to Investing.com data. The price action follows modest gains in the previous session.

Senate to Vote on Landmark Crypto Bill

Market focus is heavily on the U.S. Senate, which is scheduled to vote Tuesday on the Clarity Act, a comprehensive bill aimed at establishing a regulatory framework for digital assets. The legislation requires 60 votes to clear the chamber, a hurdle that has prompted efforts to secure bipartisan support.

Republican Senator Cynthia Lummis has been a key proponent of the bill. According to reports on Monday, President Donald Trump agreed to a new ethics provision designed to prevent insider trading by federal officials, a measure intended to attract support from Senate Democrats. Lingering disagreements on the bill include the regulatory treatment of stablecoin yields and the division of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Fed Decision and Broader Market Pressures

Ad

Adding to investor caution is the upcoming Federal Reserve meeting, which concludes on Wednesday. The central bank is widely expected to announce a 25 basis point interest rate hike, a move that typically pressures non-yielding assets like cryptocurrencies.

The broader financial landscape reflects a risk-averse sentiment, with benchmark U.S. Treasury yields reaching near two-decade highs and oil prices climbing amid geopolitical tensions. This environment has contributed to muted performance across the digital asset market.

Altcoin Prices See Modest Declines

Most other major cryptocurrencies, or altcoins, saw slight losses amid the cautious market mood. The performance of key digital assets included:

• Ether (ETH): Fell 1% to $2,488.97.
• XRP: Rose 1.1%, bucking the trend.
• Solana (SOL), Cardano (ADA), and BNB: Declined between 0.5% and 2%.
• Dogecoin (DOGE): Lost 1.6%.