Bitcoin fell below the $117,000 level on Tuesday after cryptocurrency-related bills were blocked in the House of Representatives.
The price of bitcoin was last down 2.8% at $116,516.00, according to Coin Metrics. That marks a pullback from the day’s high of $120,481.86.
Bitcoin/USD Coin Metrics, 1-day
The drop comes on the heels of multiple crypto-related bills failing to overcome a procedural hurdle in the House, with 13 Republicans voting with Democrats to block the motion in a 196-223 vote.
In recent days, bitcoin has been trading at all-time highs, spurred by institutional buying of bitcoin exchange-traded funds (ETFs) amid rising optimism that Congress would soon pass crypto legislation.
Stocks linked to crypto also came under pressure in late afternoon trading. Shares of bitcoin miners Riot Platforms and Mara Holdings closed down 3.3% and 2.3%, respectively. Others like crypto trading platforms Coinbase slid 1.5%. All were under pressure in extended trading.