Bitcoin Drops Below $76,000 as Markets Anticipate Fed Rate Hike

Bitcoin fell approximately 4% on Tuesday to trade near $75,900 early Wednesday, following the failure of the Clarity Act and ahead of a Federal Reserve decision. Markets are pricing in a 92.5% probability of a 25-basis-point rate hike to 3.75%-4.00%. This follows August CPI data showing a 0.3% monthly price increase and ongoing inflation concerns exacerbated by rising oil prices. CoinGlass reported $530 million in long liquidations over 24 hours, with Bitcoin and Ethereum longs accounting for over $180 million each. The Fed's updated Summary of Economic Projections is expected alongside the decision.