- Bitcoin moved lower Tuesday, trading below the $117,000 level.
- The cryptocurrency’s price was last down more than 2.8% at $116,484, according to Coin Metrics.
- The drop comes after crypto-related bills failed to overcome a procedural hurdle in the House of Representatives.
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Bitcoin
fell below the $117,000 level on Tuesday after
cryptocurrency-related bills were blocked
in the House of Representatives.
The price of bitcoin was last down 2.8% at $116,516.00, according to Coin Metrics. That marks a pullback from the day’s high of $120,481.86.
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The drop comes on the heels of multiple crypto-related bills failing to overcome a procedural hurdle in the House, with 13 Republicans voting with Democrats to block the motion in a 196-223 vote.
In recent days, bitcoin has been trading at all-time highs, spurred by
institutional buying of bitcoin exchange-traded funds (ETFs)
amid rising optimism that Congress would soon pass crypto legislation.
Stocks linked to crypto also came under pressure in late afternoon trading. Shares of bitcoin miners
Riot Platforms
and
Mara Holdings
closed down 3.3% and 2.3%, respectively. Others like crypto trading platforms
Coinbase
slid 1.5%. All were under pressure in extended trading.
Also on CNBC
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Bitcoin falls as lawmakers grapple with crypto regulation bills: CNBC Crypto World
-
Bitcoin hits new record above $123,000 as ‘Crypto Week’ kicks off on Capitol Hill: CNBC Crypto World
-
Crypto super PAC Fairshake reports $141 million war chest
