Crypto Stocks Drop as Senate Votes Loom for the CLARITY Act
On September 15, crypto-related stocks such as MicroStrategy (MSTR), Coinbase (COIN), Circle Internet Financial (CRCL), and Robinhood (HOOD) fell between 3% to over 5.6% in pre-market trading amid uncertainty surrounding the Senate vote on the CLARITY Act. The selloff came after Democrats rejected a revised version of the bill due to concerns about ethics provisions, particularly those related to former President Donald Trump's crypto interests. This rejection raised doubts about the legislation’s chances before midterms and led investors to pull back ahead of the cloture vote scheduled for 2:15 p.m. ET. Bitcoin also declined below $77,000 as rising oil prices, higher Treasury yields, and expectations of a Fed rate hike added pressure on risk assets.
Tickers: $COIN $CRCL $HOOD $MSTR
Topics: Bitcoin_price_drop CLARITY_Act crypto_stocks Fed_rate_decision