Bitcoin experienced a downturn on Tuesday, falling below the US$117,000 level. According to Coin Metrics, the cryptocurrency’s price was last trading down by more than 2.8%, settling at $116,484. This decline follows the unsuccessful attempt to advance several crypto-related bills in the House of Representatives.
The price of Bitcoin was last recorded at US$116,516.00, marking a retreat from the day’s peak of US$120,481.86. The setback in the House occurred as multiple crypto-related bills failed to overcome a procedural hurdle. A total of 13 Republicans joined Democrats in a 196-223 vote to block the motion, stalling the bills’ progress.
Recently, Bitcoin had been trading at record highs, buoyed by institutional investment in Bitcoin exchange-traded funds (ETFs). This surge was also fuelled by growing anticipation that Congress would imminently pass crypto legislation.
Shares of companies associated with cryptocurrency also faced downward pressure in late afternoon trading. Riot Platforms, a bitcoin mining firm, closed down 3.3%, while Mara Holdings, another bitcoin miner, decreased by 2.3%. Coinbase, a crypto trading platform, also saw a decline of 1.5%.
