Bitcoin Dips Below $80K as Bessent Pushes Senate to Pass CLARITY Act Before Sept. 15 Vote
Bitcoin slipped toward $78K ahead of key U.S. inflation data, while Treasury Secretary Scott Bessent renewed pressure on the Senate to pass the crypto CLARITY Act before its September 15 cloture vote.
U.S. crypto markets entered Thursday on uneven footing, as a pullback in Bitcoin collided with mounting political pressure in Washington to finally settle the industry's regulatory future.
Bitcoin Slips Below $80K as Traders Brace for CPI Data
The global crypto market capitalization fell 0.9% to $2.76 trillion over the past 24 hours, with both Bitcoin and Ethereum declining even as broader market sentiment stayed in "Greed" territory. According to CoinGecko data, Bitcoin was trading near $78,039, down roughly 1%, with 24-hour trading volume of about $35.2 billion and a market capitalization near $1.57 trillion. Bitcoin is holding above short-term support as buyers defend the level, but resistance in the $80,000 to $82,000 range has proven difficult to clear, with more than 71% of Bitcoin's circulating supply currently sitting in profit. Analysts are watching Thursday's inflation data closely, with traders positioning cautiously ahead of the release rather than chasing the recent dip.
Treasury Secretary Bessent Presses Senate Ahead of Sept. 15 CLARITY Act Vote
On the policy front, U.S. Treasury Secretary Scott Bessent urged lawmakers to advance the long-stalled crypto CLARITY Act as the Senate returns from its August recess, warning that the legislation is needed to stop "bad actors" from exploiting digital asset technology. The Senate is set to hold a cloture vote on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act, on September 15 — a procedural step that requires 60 votes to unlock floor debate. The bill would divide digital-asset oversight between the SEC and CFTC while adding consumer-protection and anti-money-laundering requirements, though disagreements remain over crypto holdings and stablecoin rewards. With Republicans holding 53 Senate seats, at least seven Democrats will need to cross the aisle for the bill to advance.
Together, the two developments underline the tension currently defining the U.S. crypto market: near-term price caution driven by macro data, set against a longer-term regulatory push that could reshape how digital assets are overseen for years to come.
