Bitcoin wilts as oil and rates rise. Clarity Act odds tumble to 38%
Bitcoin and broader cryptocurrency markets retreated as rising oil prices and Treasury yields fueled inflation concerns, dampening investor appetite for speculative assets. Simultaneously, political momentum for the Digital Asset Market Clarity Act stalled after key Senate Democrats criticized the latest draft, causing betting market odds for its passage to drop to 38%.
The cryptocurrency changed hands near $65,500, down about 0.7% since midnight UTC, extending the pulled back from a high near $66,700 reached Wednesday. The weakness spilled over into the broader market, with major tokens including ether (ETH), solana (SOL), and XRP (XRP) also trading lower.
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