Bitcoin Coinbase premium hits four-week low on Clarity Act failure

CoinDesk reports that Bitcoin’s Coinbase premium reached a four-week low, signaling a drop in U.S. buying demand. CryptoQuant’s index, which tracks how the dollar-denominated trade on Coinbase compares to the USDT-denominated trade on Binance, registered a discount of around -0.07% on Tuesday.

That reading equates to roughly $50 on a Bitcoin priced at $75,900. The discount widened from approximately -0.02% the day before, coinciding with the failure of the Clarity Act to pass legislation. The shift undoes the pattern seen from late August and early September, during which the spread went positive for the first time in months while Bitcoin rallied toward $80,000. Prices have since retreated to around $75,000.

Macro pressure also weighs on the asset. Markets widely expect the Federal Reserve to hike rates by 25 basis points Wednesday, lifting the target range to 3.75% to 4%. The benchmark 10-year Treasury yield has climbed above 5%, while Brent crude trades near $108 a barrel amid Middle East tensions. Elevated yields and expensive energy are tightening financial conditions further, creating a challenging environment for risk assets ahead of the central bank’s decision.