Japan · Bitcoin · CLARITY Act · US Senate · Federal Reserve (FED) · CoinDesk
Bitcoin weathers September storm as rate hikes and Clarity act setback test bulls
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Bitcoin BTC $81,320.54 is more than halfway through its historically weakest month, yet September’s usual sell-off has been relatively contained so far, despite the recent barrage of policy and macroeconomic headwinds.
Key facts
- On Tuesday, the Clarity Act failed to secure the 60 votes needed to advance in the Senate, attracting 49 supporters
- After bitcoin rallied 25% in August, reaching around $81,000, expectations were that it would surrender much of those gains
- Energy markets added to the pressure early this week, as West Texas Intermediate crude climbed above $106 a barrel on Tuesday, reaching a five-month high as geopolitical tensions in the Middle East
- Bitcoin briefly fell below $74,887 on Tuesday only to stabilize quickly
Summary
Bitcoin held near $75,000 after the Clarity Act stalled in the Senate and the Fed delivered its first rate hike in more than three years. The Bank of Japan also raised rates, while the Bank of England held steady and the SEC offered a brighter spot with its tokenisation exemption. After bitcoin rallied 25% in August, reaching around $81,000, expectations were that it would surrender much of those gains. Instead, bitcoin is down 1.5% this month.