Bitcoin Decline Linked to Pre-Legislation Dip, Not Clarity Act Rejection

Bitcoin (BTC) has been declining since before the U.S. Senate’s Clarity Act vote, with on-chain analytics firm Sentiment stating the recent correction cannot be solely attributed to the bill's rejection. Sentiment explained on X that BTC peaked on September 3 and had already fallen approximately 5% by the time of the vote. The additional decline during the voting process was only 1.7%, representing less than a quarter of the total 7% drop from its peak.

The firm also noted that weighted social media investor sentiment reached a 30-day high the day before the vote (local time September 14), and social media mentions hit their highest level in 14 days on September 15. Sentiment remained positive even as the vote was rejected. However, Sentiment added that the cause of BTC’s decline over the previous 12 days remains unclear, with the U.S. Federal Reserve’s FOMC interest rate decision scheduled for early tomorrow morning.