Bitcoin Holds Near $77,500 as CLARITY Act Faces Uncertainty
The data shows that Bitcoin’s price was $77,500, which is $30,000 lower than a year ago and a 0.6% decrease for the day. The destiny of the CLARITY Act, a market structure proposal that was passed by the House 294-134 in July 2025 but failed in a Senate closing vote on September 15 by 49-50, and the power of Congress are both decided by the vote. Democratic prospects in the House are 94% and in the Senate 74% according to prediction markets. Senator Elizabeth Warren would most likely be appointed chairperson of the Banking Committee by a Democratic Senate. Legislation must be reintroduced before it expires on January 3 unless Congress takes action before then. It would appear that crypto groups contributed more than $200 million to the midterm elections. A Democratic sweep is the most probable outcome, and many people think it would be bad for business. A more restricted agreement would be possible with a split Congress. Prior to the voting, the price of bitcoin followed a consistent pattern.
After starting the month of November close to $78,500, Bitcoin has lost $2,000 since then. As in the previous month, October saw a 7% decline. On October 28, the price dropped below $80,000 for the first time in weeks, following disappointing earnings disclosures from Alphabet and Samsung, as well as a hawkish Federal Reserve. As a result, $356 million worth of leveraged assets were liquidated. Even more chaos ensued the following day. North Koreans, according to the FBI, took $6.3 billion from Binance’s cold wallets on October 29. This was the biggest bitcoin theft to date. The 4% decline in Bitcoin price on Friday necessitated the sale of about $1.3 billion worth of leveraged assets. Statistics compiled by SoSoValue show that on June 25th, a staggering $643.3 million was pulled out of U.S. spot Bitcoin ETFs in a single day. An additional $399 million was spent on Monday. After plunging on Monday and Tuesday, Bitcoin made a comeback and recovered to $78,491 late Sunday. The support band of $76,264 to $76,476 and the 200-day exponential moving average are being closely watched by traders. The September low is 74,967, which is below that. A 50-day exponential moving average close to $80,800 marks the first point of resistance. The Crypto Fear & Greed Index hit 37 on Monday, meaning “fear.”
Little assistance is provided by the macroeconomic climate. With two officials voting for an increase, the Federal Reserve kept rates at 3.75% to 4.00% on October 28, following their September rise. The result was 10-2. Ever since July 2023, this adjustment has been made. If you ask Polymarket, 71% of the time interest rate hikes will happen in December. GDP increased 3.4% year-over-year in Q3 and PCE inflation was 3.6% in September. Prior to Monday’s decline to 4.91%, the 10-year Treasury yield reached 5.36% in early October, its highest level since 2002. Energy plays a crucial role in inflation. After the United States and Iran announced their readiness to deal, the price of Brent crude dropped 7.7 percent to $104.66 per barrel on Monday. The largest decline in a single day since July, according to the source. Tuesday saw Brent bounce back to $106.60 following reports of a possible U.S. strike on Qeshm Island in Iran. Headline inflation remains high and the Federal Reserve continues to tighten monetary policy as a result of crude prices above $100 caused by the blockage of the Strait of Hormuz. The pressure on equities has been rising.
Concerns about artificial intelligence capital expenditures were stoked by reports of Intel and Amazon, leading to a 2.9% decline on Friday and a 5.3% loss for the Nasdaq for the month of October. The price of bitcoin has been correlated with tech stocks throughout the recent selloff. We are completely booked. After 29,000 in September, Friday will deliver the numbers for October, with forecasts indicating roughly 65,000. Before the Federal Reserve’s conclusion on December 9, the October CPI is released on November 10. Wednesday will see Binance’s proof-of-reserves snapshot. With a DVOL index of about 36.5, Deribit is sending the message that options market volatility is not something to be concerned about. Bitcoin saw a bear market of 36.6% in November 2018 and a bear market of 16.2% in November 2022, contrasting seasonality.
