Bitcoin dropped below $76,000 on Tuesday, retreating from a high of $79,600 recorded the previous day. This decline occurred as markets reacted to rising global bond yields and awaited a procedural vote on the CLARITY Act in the US Senate.
The CLARITY Act requires 60 votes to proceed to a floor debate. Market participants on Polymarket currently assign only a 14% probability to the bill becoming law in 2026. Analysts at QCP Capital noted that while the bill could clarify regulatory roles, its passage remains uncertain.
Global bond yields reached multi-decade highs, pressuring risk assets. The US 10-year Treasury yield climbed to 5.041%, marking its highest level since June 2007. Meanwhile, the average 10-year yield for the seven largest economies hit 4.285%, a peak not seen since mid-2008.
In other regions, the UK 30-year bond yield reached 5.95%, the highest since March 1998, while the Japanese 10-year yield hit a 30-year high of 3.04%. Analysts expect central banks to respond with interest rate hikes to combat inflation, which is also being fueled by rising oil prices.
