Bitcoin has fallen sharply over the past 24 hours after a crypto market structure bill failed to advance in Congress, an outcome described as confirming a serious White House warning. The decline took bitcoin further from the closely watched $80,000 level as traders prepared for extreme crypto-market volatility and a potential $32 trillion shock. Markets are pricing a 25-basis-point interest-rate increase at the Federal Reserve's meeting, another 25-basis-point hike by December and two more in 2027. Robin Brooks, a senior fellow at the Brookings Institution and former chief economist at the Institute of International Finance, said Federal Reserve chair Kevin Warsh could disappoint markets if he cannot validate those expectations, potentially weakening the dollar and lifting long-term yields. Lea Thompson of Cake Wallet said the announcement's larger significance lies in its effect on real yields, dollar strength and liquidity conditions. Talos data shows investors positioning in stablecoins ahead of the decision, with net buying at 28% versus an average 8% selling tilt around previous FOMC meetings, while buying conviction fell from 10% to 3% for bitcoin and from 23% to 9% for ethereum. The Fed's last rate increase, in July 2023, barely moved bitcoin, suggesting traders may be focused more on post-decision liquidity than on the rate change itself.