Bitcoin fell below $76,000 on Tuesday, reaching $75,560 as rising global bond yields and renewed inflation concerns pressured risk assets. The move took BTC/USD to its lowest level of the month and reversed a rally that had briefly carried the cryptocurrency to $79,600 the previous day.
Markets were also awaiting a procedural vote on the CLARITY Act, scheduled for 2:15 p.m. Eastern time in the US Senate. The bill must secure 60 votes to advance to a debate on the Senate floor. Market-based estimates remained cautious, with Polymarket users assigning the legislation just a 14% probability of becoming law in 2026 as of Tuesday.
CLARITY vote seen as only an initial hurdle
Trading firm QCP Capital said that a successful procedural vote would have limited immediate significance because it would represent only one step in a longer legislative process. The firm said the bill could improve the medium-term outlook for institutional crypto adoption by clarifying the respective roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
However, QCP Capital cautioned that procedural progress would not ensure final passage, while the timing of subsequent legislative steps would determine the vote’s short-term market impact.
Global yields reach multi-year highs
Bitcoin’s decline came as bond yields rose across major economies. The US 10-year Treasury yield moved above 5% and reached 5.041%, its highest level since June 2007. Reuters data cited in the source material showed that the average 10-year yield across the world’s seven largest economies reached 4.285%, the highest since the peak of the global financial crisis in mid-2008.
Long-term yields in the United Kingdom and Japan also climbed sharply. The UK 30-year yield reached 5.95%, its highest level since March 1998, while Japan’s 10-year yield touched 3.04%, a 30-year high.
The surge in yields reflected concerns that high oil prices could trigger another wave of global inflation. West Texas Intermediate crude approached $105 per barrel, putting it on course for its highest level since early May, while key shipping routes remained exposed to the widening conflict in the Middle East.
The Kobeissi Letter said the inflation risk could push central banks toward tighter policy. The US Federal Reserve was widely expected to raise its benchmark interest rate by 0.25% on Wednesday, with the Bank of Japan also expected to deliver a 0.25% increase at its Friday meeting.
