Bitcoin Dips Below $117K After Crypto Bills Get Shot Down in Congress
Bitcoin (BTC-USD) hit the brakes Tuesday, dropping below $117,000 after crypto-focused bills ran into political resistance in the U.S. House of Representatives.
The price tumbled 2.8% to $116,516 retreating from a daily high of $120,481 as 13 Republicans crossed the aisle to block a procedural vote. That setback deflated expectations that Congress might finally deliver regulatory clarity for the industry.
It’s a sharp turn from recent weeks, where excitement around bitcoin ETFs and hopes for a legislative breakthrough had driven the token to all-time highs.
Crypto stocks didn’t escape the fallout. Riot Platforms (RIOT, Financials) fell 3.3%, Marathon Digital (MARA, Financials) slid 2.3%, and Coinbase (COIN, Financials)…
