Bitcoin Slumps Below $75,600 Amid Rising Bond Yields and Clarity Act Rejection

Bitcoin has fallen below the $76,000 mark for the second time this month, hitting its lowest level of the month. Global government bond yields surged while regulatory progress stalled, increasing market pressure.

CoinTelegraph reported that Bitcoin dropped to $75,600 shortly after U.S. stock market open on September 15 (local time), reversing gains from the previous day when it reached $79,600.

The Clarity Act, aimed at reforming cryptocurrency regulation, failed to pass the Senate as it did not secure the required 60 votes for debate to begin. Although this was not a final vote on the bill's passage, the outcome has been viewed as negative by industry participants who were counting on regulatory clarity.

QCP Capital analyzed that even if procedural votes passed, market impact might be limited in the short term. However, they noted that clearer roles for the SEC and CFTC could reduce regulatory uncertainty over time, supporting institutional adoption of cryptocurrencies. QCP cautioned that procedural progress does not guarantee final passage, emphasizing that subsequent legislative timelines will ultimately determine market impact.

Bitcoin's decline coincided with a sharp rise in government bond yields globally. U.S. 10-year Treasury yields rose above 5% for the first time since November 2023, peaking at 5.041%, the highest level since June 2007. G7 10-year average yields reached 4.285%, the highest since mid-2008, while UK 30-year bond yields hit a 26-year high of 5.95% and Japan's 10-year yield rose to 3.04%, its highest in 30 years.

Financial market analysis firm Kobeissi Letter warned that rising rates are putting pressure on risk assets broadly, suggesting central banks may return to tightening policies. They stated: 'Monetary policy is shifting, rate hikes are returning, and the next battle against inflation has started.' The letter also noted current yield levels are unsustainable.

The surge in bond yields followed increased oil prices due to Middle East tensions threatening key shipping routes, pushing West Texas Intermediate crude near $105 per barrel—the highest since early May.