News Maker 23

Bitcoin remained under pressure during the European session on Wednesday (Sept. 16), with the BTC/USD pair hovering around the US$75,900 mark after extending losses from the previous session. This pressure arose after the US Senate failed to advance the Clarity Act, while investors also reduced their exposure to risk assets ahead of a Federal Reserve decision.

The US Senate rejected the motion to advance the Clarity Act in a 49-50 vote. This legislative setback weighed on crypto market sentiment, as the bill had been expected to provide a clearer regulatory framework for digital assets in the United States.

The downward pressure was not limited to Bitcoin. Ethereum fell approximately 2.7% to US$2,407.47, while XRP slumped nearly 7%. Solana and Cardano each dropped more than 3%, whereas BNB remained relatively stable, declining by only about 0.1%.

In the meme coin sector, Dogecoin fell around 2.7%, while "Official Trump" (TRUMP) weakened by approximately 4%. This broad-based decline indicates that investors are trimming positions in high-risk assets ahead of the US monetary policy decision.

Market sentiment remains clouded by high Treasury yields and geopolitical tensions in the Middle East. The Fed is expected to raise interest rates by 25 basis points, with market attention focused on guidance from Fed Chair Kevin Warsh regarding the possibility of further tightening. Higher interest rates typically exert pressure on crypto assets by increasing the appeal of fixed-income investments.

Newsmaker Analysis: The widespread decline across Bitcoin and altcoins suggests the crypto market remains in "risk-off" mode. The US$75,000 level is critical for Bitcoin. If the Fed maintains a hawkish stance, BTC risks retesting this level, and altcoins could face deeper declines. Conversely, if Warsh signals a more cautious approach to future rate hikes, yield-related pressure could ease, potentially paving the way for a rebound in Bitcoin, Ethereum, XRP, and Solana. (arl)

Source: Newsmaker.id