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The CLARITY Act vote failed, and the Federal Reserve is showing its hand again tonight.
This time, the crypto market has truly reached a critical juncture.
The CLARITY Act failed to reach the 60-vote threshold, bringing the legislative process to a halt. Bitcoin and Ethereum immediately fell, at one point plunging to around $75,000.
The bill’s failure itself is not that frightening. The real problem is that the Federal Reserve is holding a meeting again just as this news broke. In other words, the crypto market is facing two major issues on two consecutive days.
One concerns regulation, and the other concerns interest rates and liquidity. So don’t focus only on the CLARITY Act. What will truly determine the market trend is the Federal Reserve. Pay close attention to Powell’s remarks.