Bitcoin Drops to $75.6K September Low as Global Bond Yields Hit Multidecade Highs

Bitcoin slipped to $75,560 on Tuesday, marking its lowest level of September as global bond yields spiked to multi-decade highs ahead of a pivotal US Senate procedural vote on the CLARITY Act. Data from TradingView showed BTC/USD falling below $76,000, wiping out a prior recovery to $79,600 from the previous day. Traders remained on edge as Polymarket users assigned just a 14% probability that CLARITY would become law in 2026, with the bill needing 60 votes to advance to a Senate-floor debate scheduled at 2:15pm Eastern time.

The selloff extended beyond crypto as sovereign debt markets reacted to persistent inflation risk, with $100 oil prices remaining a focal concern. The US 10-year Treasury yield breached 5% for the first time since November 2023, climbing to 5.041%, a level not reached since June 2007. Reuters reported that the average 10-year yield across the world's seven largest economies hit 4.285%, its highest point since mid-2008, weighing heavily on risk assets including US equities.

Singapore-based trading firm QCP Capital noted in a Monday analysis that even if CLARITY cleared its procedural hurdle, the legislation would face several additional obstacles before enactment. "The bill's passage would clarify the respective regulatory roles of the SEC and CFTC, potentially strengthening the medium-term case for institutional adoption by reducing regulatory uncertainty," QCP Capital wrote. "However, procedural progress does not guarantee final passage, and the timing of remaining legislative steps will determine the immediate market impact of any vote this week."

Analysts expect major central banks to continue raising interest rates through the coming quarters, a traditional headwind for digital assets and risk-on positioning. With yields diverging further from safe-haven thresholds and oil-driven inflation concerns dominating macro sentiment, Bitcoin's near-term trajectory remains tied to both legislative developments in Washington and the broader fixed-income landscape. Bitcoin was last trading around $76,944 at publication time.