Shares of cryptocurrency and blockchain-related companies fell in premarket trading on Tuesday as Bitcoin declined ahead of a congressional vote on the Clarity Act and the Federal Reserve’s monetary policy decision on Wednesday.
Bitcoin (COIN:BTCUSD) fell 2.9% to $76,833.83, while Ether (COIN:ETHUSD) declined 3.8% to $2,471.74.
The Clarity Act is intended to establish a regulatory framework for cryptocurrencies. The legislation had previously stalled amid concerns over provisions relating to ethics and safeguards against illicit finance.
Coinbase Shares Fall 4.7%
Coinbase Global (NASDAQ:COIN) shares declined 4.7% in premarket trading.
The cryptocurrency exchange’s shares moved lower alongside the decline in major digital assets ahead of the congressional vote and Federal Reserve decision.
Cryptocurrency Miners Trade Lower
Shares of several cryptocurrency mining companies also declined in premarket trading.
Riot Platforms (NASDAQ:RIOT), MARA Holdings (NASDAQ:MARA), Hut 8 (NASDAQ:HUT) and Bit Digital (NASDAQ:BTBT) fell between 1.6% and 2.2%.
The moves came as investors awaited developments in US cryptocurrency legislation and the Federal Reserve’s latest interest-rate decision.