Bitcoin traded near Rs. 72.6 lakh on Wednesday as the cryptocurrency market came under pressure following the failed Senate cloture vote on the CLARITY Act and ahead of the Federal Reserve’s policy decision. Ethereum (ETH) was trading near Rs. 2.3 lakh, while major altcoins showed mixed momentum. Market participants said higher Treasury yields, expectations of tighter Fed policy, and weaker institutional and on-chain demand are weighing on Bitcoin. At the same time, sentiment has cooled sharply, with the Fear & Greed Index falling from 81 to 67. As per the market prices shared, Bitcoin traded near $75,700 (roughly Rs. 72.6 lakh), and Ethereum was trading near $2,400 (roughly Rs. 2.3 lakh).
The world’s largest cryptocurrency fell 1.8 percent in the last 24 hours, as per the Gadgets 360 price tracker. Analysts said the sell-off has also led to nearly $100 million (roughly Rs. 96 crore) in long liquidations, while a US 10-year Treasury yield above 5 percent and Brent crude near $108 (roughly Rs. 10,361) are weighing on risk assets.
Major Altcoins Traded With Mixed Momentum on Wednesday
Binance Coin (BNB) was priced around $712 (roughly Rs. 68,300), while Solana (SOL) traded near $97 (roughly Rs. 9,300). XRP hovered around $1.29 (roughly Rs. 123), while Dogecoin (DOGE) traded close to $0.08 (roughly Rs. 7.67), indicating that the altcoins have taken a similar hit after the CLARITY Act ruling.
Fed Decision Adds to Market Uncertainty
Assessing Bitcoin’s positioning ahead of the Federal Reserve decision, Vikram Subburaj, CEO, Giottus.com, said, “Markets are pricing a 92.4 percent probability of a 25-basis-point hike, but the Fed’s forward guidance will be the key trigger for crypto. A US 10-year Treasury yield above 5 percent and Brent crude near $108 (roughly Rs. 10,361) are adding pressure to risk assets […] For investors, avoiding excessive leverage around the Fed decision remains prudent. Staggered entries and disciplined stop-losses can help manage the sharp volatility expected around the policy announcement.”
Highlighting the impact of the CLARITY Act developments and weakening market sentiment, the CoinSwitch Markets Desk said, “The pressure has come from a combination of higher Treasury yields, expectations of tighter Fed policy, and uncertainty around the stalled CLARITY Act, which has delayed progress towards a broader US crypto framework. The sell-off also led to nearly $100 million (roughly Rs. 96 crore) in long liquidations, while the Fear & Greed Index fell from 81 to 67, pointing to a clear cooling in market sentiment.”
Pointing to the impact of the failed CLARITY Act vote and broader macro pressure, Prateek Gupta, Head of Business, Mudrex, said, “Bitcoin has dropped below $75,000 (roughly Rs. 71.96 lakh), hitting a September low after the CLARITY Act’s 50-49 Senate cloture vote failure effectively ended its chances of becoming law this year. The move comes as a historic bond selloff pushed the US 10-year yield to its highest since 2007. With 90 percent+ odds of a Fed hike today and the Bank of Japan meeting Friday, pressure remains elevated. Despite this, rising realised cap and 30-day short-term holders in profit offer support.”
Overall, analysts said expectations of a Federal Reserve rate hike, a US 10-year Treasury yield above 5 percent, and Brent crude near $108 (roughly Rs. 10,300) are adding pressure, while mixed ETF flows and subdued whale accumulation point to softer institutional and on-chain demand. Analysts are now watching the $75,000-$76,000 (roughly Rs. 71.9 lakh-Rs. 72.9 lakh) area as the key support zone, while $79,500-$80,400 (roughly Rs. 76.2 lakh-Rs. 77.1 lakh) remains an important resistance range.
