Bitcoin price action weakened over market nerves prior to the Senate CLARITY Act vote, while surging bond yields pressured risk assets across the board.
Bitcoin (BTC) saw month-to-date lows at Tuesday’s Wall Street open as global bond yields spiked and crypto markets awaited a key US Senate vote on the CLARITY Act.
Data from TradingView showed BTC/USD dipping under $76,000, erasing a trip to $79,600 from the day prior.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
Crypto traders remained on edge ahead of the procedural vote on the CLARITY Act, due at 2:15pm Eastern time. The legislation will go forward to a Senate-floor debate should it gain the necessary 60 votes.
As Cointelegraph reported earlier, consensus sees barely any chance of success, despite optimism from some sources, with Polymarket users giving CLARITY mere 14% odds of becoming law in 2026 as of Tuesday.
Implied odds for CLARITY act passing in 2026. Source: Polymarket
Commenting, trading company QCP Capital stressed that the act passing Tuesday’s procedural vote would have limited impact and form just one of several hurdles for proponents..
“The bill’s passage would clarify the respective regulatory roles of the SEC and CFTC, potentially strengthening the medium-term case for institutional adoption by reducing regulatory uncertainty,” it wrote in analysis on Monday.
“However, procedural progress does not guarantee final passage, and the timing of remaining legislative steps will determine the immediate market impact of any vote this week.”
US stocks, meanwhile, turned red on the day as bond yields around the world returned to their highest levels in decades. The US 10-year yield passed 5% for the first time since November 2023, going on to reach 5.041%, a level not seen since June 2007.
Related: Bitcoin short-term holders hit 30-day profit streak as bull-market odds improve: CryptoQuant
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