Bitcoin under renewed pressure as looming Fed hike adds to woes

(Bloomberg) — Cryptocurrencies faced renewed pressure on Wednesday after the US failed to advance a key regulatory bill, bruising industry sentiment just ahead of a potential interest-rate hike from the Federal Reserve.

Bitcoin stabilized at around $75,900 in early New York trading after falling as much as 5% in the previous session. The broader cryptocurrency market remained following steep declines a day earlier.