Bitcoin Under Pressure as Markets Eye Fed, Clarity Act Vote — Market Talk

Bitcoin drops in the early Asian session as higher oil prices and U.S. CPI data firm rate-hike bets, dimming the appeal of riskier assets like crypto. Treasury yields have been moving higher across the curve, which could continue to weigh on the non-yielding cryptocurrency, says Konstantinos Chrysikos at Kudo.com. Markets are bracing for tightening by the Federal Reserve this week, and expectations for another move before year-end have strengthened. Focus is also on the coming vote on the Clarity Act, a piece of U.S. legislation that seeks to set a regulatory framework for digital assets. Passage would likely help buoy sentiment in the crypto market, while a setback could spurselloffs. Bitcoin is down 0.7% at $76,788, LSEG data show, well below the closely watched $80,000 level. ([email protected])