Cathie Wood sells crypto stocks as Bitcoin slides ahead of Senate vote

Odds of the crypto regulation bill passing this year fell to 19% on Tuesday, according to prediction market Polymarket

The cryptocurrency touched $76,900 in early trading, a decline of roughly 1% measured against the previous day. It had traded above $79,000 on Monday. Prediction market Polymarket, as cited by Barron's, put the chances of the bill becoming law this year at 19% on Tuesday, down from 31% on Monday.

Cathie Wood's ARK Invest was a seller of crypto-linked equities on Monday, Barron's reported. The firm's funds exited positions in Bullish, Coinbase, Circle Internet Group, and Bitmine Immersion Technologies. Coinbase stock fell 4.5% in premarket trading on Tuesday after gaining 9% the prior session, while Strategy stock declined 3.7%.

The Senate vote is a cloture motion to open floor debate on the legislation. Republicans hold 53 seats, meaning the party needs at least seven Democrats or independents to reach the 60 votes required to advance the bill, according to Barron's. If cloture is invoked, the updated legislative text would be offered as an amendment, Senator Cynthia Lummis of Wyoming, Senator John Boozman of Arkansas, and Senator Tim Scott of South Carolina said in a statement.