Bitcoin Drops to $77,800 as Senate Clarity Act Vote Looms and Oil Prices Surge

Bitcoin (BTC) fell to $77,800 on Wednesday as traders braced for a key U.S. Senate vote on the Clarity Act, a bill that could reshape cryptocurrency regulation. The decline came alongside rising oil prices, which added pressure to risk assets. Market participants are closely watching the legislative outcome, as the Clarity Act may clarify whether digital assets like BTC and ETH are classified as securities or commodities. A favorable vote could boost institutional confidence, while uncertainty continues to weigh on short-term price action. Oil's climb further dampened appetite for speculative assets, contributing to Bitcoin's pullback. Analysts note that BTC remains sensitive to macroeconomic signals and regulatory developments. The Senate vote is expected to be a pivotal moment for the crypto industry, potentially setting a precedent for how altcoins and tokens are governed in the U.S. Traders are advised to monitor both the legislative session and energy markets for further volatility.