Bitcoin and Ethereum Prices Drop After CLARITY Act Fails and Ahead of Fed Decision
On Wednesday, September 16, 2026, Bitcoin (BTC-USD) opened at $75,586.51, down 3.3% from the previous day's opening price, while Ethereum (ETH-USD) started at $2,397.64, a decline of 4.6%. Both cryptocurrencies saw slight intraday gains by early morning but remained significantly lower than the same time on Tuesday due to the failure of the CLARITY Act in the U.S. Senate and anticipation of another Federal Reserve interest rate hike. The Digital Asset Market Clarity (CLARITY) Act, which aimed to provide regulatory clarity for digital assets, failed a procedural vote after failing to secure 60 votes. Galaxy Digital CEO Mike Novogratz criticized both parties for prioritizing ethical concerns over the long-term benefits of crypto regulation. The bill's failure has raised uncertainty in the market and highlighted political divisions. The Fed is expected to raise interest rates later that day, marking its first rate hike in three years. This development adds pressure on investors as higher borrowing costs typically weigh on risk assets like cryptocurrencies.
Topics: Bitcoin CLARITY Act Ethereum Federal Reserve interest rates