Bitcoin Sinks Below $117K After Crypto Bills Hit Wall

​Bitcoin’s hot streak took a sharp turn Tuesday, sliding below the $117,000 mark after Congress threw a wrench into the crypto industry's legislative dreams.

After soaring past $120K in recent sessions, fueled by ETF demand and the promise of clearer crypto rules, Bitcoin tumbled more than 2.8%, landing at $116,484, according to Coin Metrics. What triggered the drop? A major crypto legislative package backed by Trump allies hit a procedural roadblock in the House of Representatives. The motion failed in a 196-223 vote, with 13 Republicans defecting and siding with Democrats to block it.

The failed bills were seen as a cornerstone of the so-called "Crypto Week" on Capitol Hill—a political moment that had built up market hype and hope. With that momentum now deflated, investors yanked back enthusiasm fast.

The fallout wasn’t limited to Bitcoin. Stocks tied to the crypto world also took a hit. Riot Platforms dropped 3.3%, Mara Holdings slipped 2.3%, and Coinbase shares slid 1.5% during extended trading.

While the market had been charging higher on the belief that Washington was finally warming to digital assets, this setback was a reality check. Even though Bitcoin is still hovering near record territory, this episode shows how fragile confidence can be when politics gets messy.

​Now, all eyes turn to whether lawmakers can regroup—and whether the crypto crowd can stomach more turbulence on the road to regulation.