Bitcoin Holds Steady Around 77,000 USD on Eve of FOMC Meeting

As President Donald Trump reiterated that the conflict with Iran could conclude around the time of the U.S. midterm elections in November, Bitcoin (BTC) surged to 79,000 USD before retracing some of its gains.

As of 10:00 a.m. (Korean time) on Tuesday, Bitcoin's price in South Korea reached 105.4 million KRW (about 77,452 USD) on Bithumb, up 0.73% from the same time the previous day.

Simultaneously, CoinMarketCap reported the global Bitcoin price at 77,863 USD, a 1.39% increase compared to the same time yesterday.

The Federal Open Market Committee (FOMC) meeting is scheduled for September 15-16.

The likelihood of the U.S. raising its benchmark interest rate for the first time in over three years has significantly increased. Just a month ago, the probability of a rate hike was around 30%, but inflationary pressures driven by soaring global oil prices have shifted market sentiment.

According to the Chicago Mercantile Exchange (CME) FedWatch Tool, the futures market now reflects a 92.4% chance that the Fed will raise the benchmark interest rate by 0.25 percentage points at this FOMC meeting. This marks a sharp increase from 33.9% a month ago, 59.4% a week ago, and 86.6% yesterday.

Despite selling pressure, Bitcoin maintains its position within the 78,000 USD range. However, a rate hike could potentially act as a headwind for Bitcoin prices.

Given that the market has already priced in a 0.25 percentage point increase, the actual impact of such a hike is expected to be limited. However, if the Fed signals further increases, Bitcoin could face greater downward pressure.

Coalition of 18 State Attorneys General Opposes CLARITY Act

As the Senate prepares for a cloture vote on the CLARITY Act, a bipartisan coalition of attorneys general from 18 states has urged senators to reject the bill.

According to reports on Monday, the coalition, led by New York Attorney General Letitia James, argues that certain provisions of the bill could restrict state governments' enforcement authority over virtual asset companies.

This opposition emerged after Senate Republicans released the final version of the CLARITY Act, which incorporated 126 amendments reflecting Democratic demands.

Previously, Senate Republicans had improved the chances of passing the CLARITY Act this year by adding an ethics clause advocated by Democrats.

Even if the cloture vote passes, the CLARITY Act will not be immediately enacted. Cloture is a procedural step to end debate and move to a full Senate vote. The bill must then pass a Senate vote, be reconciled with the House version, and receive the President's signature.

EU Implements New Reporting Requirements for Crypto Wallet Providers

The European Union has mandated that virtual asset hardware and software wallet providers report any product defects or security vulnerabilities within 24 hours of discovery.

According to the European Commission on Monday, this measure is part of the European Union (EU) Cyber Resilience Act (CRA), which took effect on September 11.

Wallet manufacturers must submit an early warning within 24 hours of recognizing a serious vulnerability and complete a detailed report within 72 hours.

They must also submit a final report within 14 days of implementing corrective measures. For severe security incidents, the final report is due within a month.

U.S. Asset Manager Strive Acquires 469 Bitcoins

U.S. asset management firm Strive is rapidly increasing its Bitcoin holdings.

On Monday, Strive filed documents with the U.S. Securities and Exchange Commission (SEC) revealing that the company purchased 469 Bitcoins for approximately 36.6 million USD last week.

This acquisition brings Strive's total Bitcoin holdings to 25,000, making it the fifth-largest holder among publicly traded companies worldwide.

The average purchase price last week was 77,954 USD per Bitcoin, with funds for the acquisition sourced through the company's preferred shares, SATA.

Bitcoin Holds Steady Around 77,000 USD on Eve of FOMC MeetingAs President Donald Trump rei …

FOMC Meeting Ahead: Will Bitcoin Survive Potential Rate Hikes?