Bitcoin Falls to $63,000 Ahead of Fed Decision, Pressured by AI Decline and Legislative Delays

According to Yahoo Finance, Bitcoin fell to around $63,000 on July 29 ahead of the Federal Reserve's interest rate decision, pressured by declining AI stocks, uncertainty over Fed policy, and delayed cryptocurrency legislation.

Market participants on Polymarket lowered the probability of the Clarity Act passing this year from 55% to 35% in recent weeks, largely due to Congress recessing in August. Compass Point analyst Ed Engel noted that if the bill fails to pass, Bitcoin could find strong support near $55,000. Fundstrat's Sean Farrell emphasized that the Fed's messaging on financial conditions and inflation may matter more than the rate decision itself.