Bitcoin falls below $117,000 after Trump crypto bills are blocked before vote

On Tuesday, Bitcoin's value dropped below the $117,000 mark following the blockage of cryptocurrency-related legislation in the House of Representatives. As reported by Coin Metrics, Bitcoin was trading at $116,516.00, reflecting a 2.8% decline from earlier in the day, where it reached a high of $120,481.86. The setback occurs after several crypto-focused bills faced a significant procedural barrier, with 13 Republicans joining Democrats to defeat the motion in a 196-223 vote. This turn of events has dampened the recent surge in Bitcoin's price, which had been buoyed by increased institutional investments in Bitcoin exchange-traded funds (ETFs) and growing anticipation for forthcoming crypto regulations from Congress. Additionally, the broader cryptocurrency market took a hit, with shares of Bitcoin mining companies such as Riot Platforms and Mara Holdings falling by 3.3% and 2.3%, respectively. Crypto trading platform Coinbase also experienced a decline, down 1.5% during extended trading hours, reflecting a cautious sentiment across the crypto sector.