Bitcoin Slides to $77,800 as CLARITY Act Vote Nears and Oil Prices Rise

Bitcoin retreats from $79,000 as the Senate gets ready to vote on the CLARITY Act while rising oil prices add pressure to risk assets.

Bitcoin is reversing part of Monday’s gains, with last-minute negotiations over crypto market-structure legislation occurring alongside another increase in oil prices during Tuesday’s Asian trading hours.

The largest cryptocurrency by market capitalization slipped toward $77,800 after climbing above $79,000 on Monday, according to CoinDesk data. Other major cryptocurrencies, including XRP, ether and solana, followed a similar pattern. XRP, which is focused on payments, declined to $1.42 from a $1.49 peak, although it remained on course for a potentially bullish golden crossover.

The pullback came after reports indicated that Democrats were continuing to request further revisions to the Digital Asset Market Clarity Act. This came despite reports that President Trump had agreed to updated ethics provisions in a Senate version of the legislation circulated by Republicans over the weekend and presented as a final compromise.

Sen. Cynthia Lummis, the Wyoming Republican and one of the legislation’s most prominent supporters, pushed back against the continued demands.

“The Democrats want more,” Lummis said. “They always want more. If we waited another month, they would want more.” She added, “There’s no end to it.”

Senate Prepares for CLARITY Act Vote

The Senate is scheduled to hold a vote Tuesday on whether to move the CLARITY Act forward. The procedural measure needs 60 votes, so Republicans cannot pass it without support from Democrats.

The legislation would establish separate oversight roles for the Securities and Exchange Commission and the Commodity Futures Trading Commission. Its supporters argue that the bill could provide greater regulatory certainty for bitcoin and the wider cryptocurrency industry.

However, some industry participants believe clearer crypto regulations could emerge even if the legislation fails.

Coinbase CEO Brian Armstrong said the outcome could still be positive if the bill does not pass because the SEC and CFTC have indicated they are prepared to move forward with their own rulemaking.

“Frankly, if it doesn’t pass, it’s also going to be a good outcome because the SEC and the CFTC have said that they’re ready to publish rulemaking,” Armstrong said, adding that the industry could receive regulatory clarity “one way or another” around the vote or shortly afterward.

Rising Oil Adds Macro Pressure

Energy markets provided another source of pressure for bitcoin. West Texas Intermediate crude futures climbed to around $103 a barrel after briefly falling to roughly $100 overnight.

Higher crude prices can contribute to inflationary pressure and potentially reinforce expectations that the Federal Reserve will maintain tighter monetary policy.

The Fed is expected to increase interest rates by 25 basis points on Wednesday, taking the federal funds target range to 3.75%–4% from its current 3.50%–3.75% level.

Meanwhile, the 10-year Treasury yield was close to 5% on Monday. A rate hike accompanied by a hawkish message from Fed officials would add to an already elevated yield environment, historically creating a challenging backdrop for bitcoin and other risk-sensitive assets.

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