Cryptocurrencies face pressure as US fails to advance Clarity Act ahead of Fed rate decision

Cryptocurrencies declined on Wednesday after the US failed to advance the Clarity Act, heightening industry concerns ahead of an anticipated Federal Reserve interest-rate hike.

Bitcoin stabilized around $75,900 in early New York trading following a 5% drop in the previous session, according to market data.

Coinglass data indicated that over $540 million in bullish cryptocurrency bets were unwound over a 24-hour period amid broader market pressures.