Crypto stocks fall as Bitcoin drops before Clarity Act vote
Shares of cryptocurrency and blockchain companies dropped in premarket trading on Tuesday, a move that followed a decline in Bitcoin prices ahead of a congressional vote on the Clarity Act and the Federal Reserve's…
Shares of cryptocurrency and blockchain companies dropped in premarket trading on Tuesday, a move that followed a decline in Bitcoin prices ahead of a congressional vote on the Clarity Act and the Federal Reserve's scheduled monetary policy decision on Wednesday.
The flagship digital asset lost 2.9% of its value, settling at $76,833.83, according to market data. Ether, the second-largest cryptocurrency by market capitalization, saw a steeper 3.8% drop to $2,471.74. The Clarity Act aims to establish a regulatory framework for cryptocurrencies, though the legislation previously stalled due to concerns over ethics provisions and safeguards against illicit finance.
Coinbase Global (NASDAQ:COIN) shares declined 4.7% in premarket trading, moving lower alongside the drop in major digital assets as investors awaited the legislative and central bank outcomes.
Several cryptocurrency mining companies also saw their shares fall during the premarket session. Riot Platforms (NASDAQ:RIOT), MARA Holdings (NASDAQ:MARA), Hut 8 (NASDAQ:HUT) and Bit Digital (NASDAQ:BTBT) each dropped between 1.6% and 2.2%.