Bitcoin has fallen amid declining demand for strategy and the stagnation of U.S. cryptocurrency legislation.

Bitcoin fell during the Asian trading session. CoinMarketCap analyst Ray Salmond stated that the cryptocurrency is in a range-bound consolidation following the Federal Reserve's decision to maintain interest rates steady, as expected by the market. However, Strategy, the largest corporate holder of Bitcoin, has hinted at an open attitude towards increasing its dollar reserves, noting that the upcoming fundraising efforts are unlikely to be used for purchasing digital currencies. Salmond added that this signal reinforces the view that a key source of Bitcoin demand has effectively paused. Meanwhile, efforts to advance the U.S. cryptocurrency regulatory bill, the Clarity Act, have stalled, seemingly due to unresolved issues surrounding ethics and consumer protection; the bill is supported by pro-cryptocurrency groups and Wall Street. However, the analyst noted that the broader market structure for cryptocurrencies continues to improve. Bitcoin's latest decline is 1.0%, at $62,814.37.