CoinDesk
Bitcoin traded at roughly $77,400 during European morning hours on Tuesday, down about 3% from the $79,530 it touched overnight and more than 1% lower on the week, according to CoinDesk data. The slide came as the U.S. Senate prepared for a procedural vote on the Clarity Act, the bill that would split digital-asset oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Why it matters
The procedural vote, requiring 60 votes to advance, is the first hard number on actual Senate support for the bill. It determines whether the bill moves to debate rather than whether it becomes law. Brian Vieten, senior research analyst at Siebert Financial, argued traders are overweighting the outcome. "We think the market is a bit too focused on whether Clarity passes," he said in an email to CoinDesk. A failure would leave U.S. firms operating under the current SEC and CFTC approach, which Vieten said could pull product launches and tokenization work forward into 2027 and 2028 rather than shelving them.
Market impact
Altcoin performance diverged sharply during the pullback. XRP gained more than 2% to $1.41, while Zcash rose nearly 3% to around $1,149. Ether, BNB, Tron, Hyperliquid's HYPE, and Dogecoin each slipped less than 1%, with Solana flat just above $101. On a seven-day basis, Dogecoin is down 7%, HYPE 5%, and BNB 3%, a reminder that the broader complex remains under pressure even when the headline asset finds a floor.
Frequently asked questions
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What is the Clarity Act?
The Clarity Act is a U.S. Senate bill that would split digital-asset oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. A procedural vote on Tuesday decides whether the bill advances to debate, not whether it becomes law.
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How many votes does the Clarity Act need to advance?
Sixty votes are required in the Senate to advance the bill to debate. The procedural vote is the first hard number on actual Senate support for the legislation.
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Why did Bitcoin drop to $77,400?
Bitcoin faded to roughly $77,400 in European morning trade on Tuesday, down about 3% from the $79,530 it touched overnight. The pullback came as traders repositioned ahead of the Senate's Clarity Act procedural vote.
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What did Brian Vieten say about the Clarity Act?
Brian Vieten, senior research analyst at Siebert Financial, told CoinDesk the market is overweighting whether the Clarity Act passes. He argued a failure would leave firms under the current SEC/CFTC approach, which could push product launches and tokenization work into 2027 and 2028 rather than shelving them.
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Which altcoins outperformed Bitcoin during the pullback?
XRP gained more than 2% to $1.41 and Zcash rose nearly 3% to around $1,149, outperforming Bitcoin's 3% pullback from its overnight high. Ether, BNB, Tron, HYPE, and Dogecoin each slipped less than 1%, while Solana held just above $101.
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