- Bitcoin prices fell 1.72% to $75,876 amid broader crypto market losses
- Ethereum dropped 3.39% to $2,397, while XRP fell 7.44% and Solana declined 3.7%
- US Senate failed to pass the Clarity Act, raising regulatory concerns for crypto
Bitcoin prices traded lower on Wednesday, in line with the losses in the broader cryptocurrency market, amid renewed selling pressure ahead of the US Federal Reserve policy decision. Sentiment in the crypto market also remained weak after the US failed to pass a key regulatory bill.
Bitcoin price was trading 1.72% lower at $75,876.52, with a market cap of $1.52 trillion. The price of the largest token has fallen over 4% in seven days.
Ethereum, the second largest cryptocurrency by market cap, was down 3.39% at $2,397.62, while Tether fell 0.06% to $0.9991. XRP slipped 7.44%, Solana declined 3.7% and Dogecoin price fell 3.06%.
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The selloff in crypto market came was triggered by the failure of the US Senate to advance the Clarity Act, which has renewed concerns around the pace of regulatory clarity for digital assets.
Additionally, the US Federal Reserve Chairman Kevin Warsh is widely expected to raise interest rates Wednesday amid inflation fears and soaring US bond yields. A Fed rate hike could further dent demand for risky assets like Bitcoin.
Bitcoin Price Outlook
According to Avinash Shekhar, Co-Founder & CEO, Pi42, the $74,000–$76,000 range for Bitcoin price will be important to watch in the near term.
“Holding this zone could allow the market to consolidate and attempt a recovery towards $78,000–$80,000, while a decisive break below it could invite further selling pressure. The sharper decline in altcoins also suggests that traders are reducing risk rather than exiting crypto uniformly, with capital likely to remain concentrated in larger assets until sentiment improves,” said Shekhar.
With both monetary policy and regulatory developments driving the market, he expects volatility to remain elevated in the near term and advises traders to watch whether Bitcoin price can stabilise before expecting a broader recovery across altcoins.
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