Bitcoin slipped to around $77,800 during Asian trading hours on September 15, retreating from Monday's levels above $79,000, with major cryptocurrencies following the downward trend. The decline comes as the US Senate prepares for a procedural vote on the Digital Asset Market Clarity Act, while international oil prices have resumed their upward trajectory, fueling risk-off sentiment across markets.
The Senate is scheduled to hold a procedural vote on September 15 to determine whether to advance the Digital Asset Market Clarity Act, which requires 60 votes to pass — a threshold that Republican votes alone cannot reach. The proposed legislation aims to divide digital asset regulatory responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Supporters argue that the bill's passage would reduce regulatory uncertainty for bitcoin and the broader crypto market.
Ahead of the vote, Democrats are still pushing for further amendments to the legislation, a move that drew sharp criticism from Republican Senator Cynthia Lummis, who remarked that Democrats "want more," adding that "if we wait another month, they are going to want more," signaling that such demands have no clearly defined endpoint. Over the weekend, Republican lawmakers circulated a revised version of the ethics provisions, calling it a final compromise, with President Donald Trump reportedly agreeing to the updated text.
Coinbase CEO Brian Armstrong said that even if the Digital Asset Market Clarity Act fails to pass, the outcome would still be favorable, noting that both the SEC and the CFTC have already indicated they are prepared to initiate rulemaking. He added that regulatory clarity is expected in the near term regardless of the bill's fate.
On the energy front, West Texas Intermediate crude futures rose to approximately $103 per barrel after dipping to $100 overnight. Higher oil prices could intensify inflationary pressures and reinforce market expectations that the Federal Reserve will maintain its tightening stance. The Fed is projected to raise interest rates by 25 basis points on September 16, lifting the federal funds rate target range from 3.50% to 3.75% up to 3.75% to 4%. The 10-year Treasury yield is hovering near 5% on Monday, and with yields already at elevated levels, potential rate hikes and hawkish signals from policymakers have historically exerted downward pressure on bitcoin.
Among other cryptocurrencies, Ripple has pulled back to $1.42 from its high of $1.49, though it remains positioned for a bullish golden cross formation. Ethereum and Solana are exhibiting similar patterns, reflecting the broader market's cautious tone.
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