Bitcoin Drops 3% as Senate Holds Procedural Vote on Crypto Market Structure Bill

Bitcoin slipped 3% from its overnight peak of $79,530 as the U.S. Senate moved forward with a procedural vote on a proposed crypto market structure bill.

Senate procedural vote

Senators cast a procedural vote on the legislation aimed at clarifying the regulatory framework for cryptocurrency markets. The vote is part of a broader effort to address market structure concerns.

Market reaction

Following the vote, Bitcoin’s price retreated, erasing roughly three percent of its value. In contrast, XRP and Zcash were the only major cryptocurrencies that posted modest gains during the same period.

Key price movements

• Bitcoin: down 3% from $79,530
• XRP: modest increase
• Zcash: modest increase