Bitcoin (BTC) saw month-to-date lows at Tuesday’s Wall Street open as global bond yields spiked and crypto markets awaited a key US Senate vote on the CLARITY Act.Key points:Bitcoin dropped to $75,560, its lowest level so far in September ahead of the US Senate’s procedural vote on the CLARITY Act.Global bond yields in major economies set new macro highs as $100 oil prices remained a point of contention.Analysis expects that central banks around the world will raise interest rates going forward, traditionally a headwind for crypto markets.CLARITY Act vote keeps crypto markets nervousData from TradingView showed BTC/USD dipping under $76,000, erasing a trip to $79,600 from the day prior.BTC/USD one-day chart. Source: Cointelegraph/TradingViewCrypto traders remained on edge ahead of the procedural vote on the CLARITY Act, due at 2:15pm Eastern time. The legislation will go forward to a Senate-floor debate should it gain the necessary 60 votes. As Cointelegraph reported earlier, consensus sees barely any chance of success, despite optimism from some sources, with Polymarket users giving CLARITY mere 14% odds of becoming law in 2026 as of Tuesday.Implied odds for CLARITY act passing in 2026. Source: PolymarketCommenting, trading company QCP Capital stressed that the act passing Tuesday’s procedural vote would have limited impact and form just one of several hurdles for proponents..“The bill’s passage would clarify the respective regulatory roles of the SEC and CFTC, potentially strengthening the medium-term case for institutional adoption by reducing regulatory uncertainty,” it wrote in analysis on Monday.“However, procedural progress does not guarantee final passage, and the timing of remaining legislative steps will determine the immediate market impact of any vote this week.”Bond yields surge worldwide on oil-fueled inflation riskUS stocks, meanwhile, turned red on the day as bond yields around the world returned to their highest levels in decades. The US 10-year yield passed 5% for the first time since November 2023, going on to reach 5.041%, a level not seen since June 2007.Related: Bitcoin short-term holders hit 30-day profit streak as bull-market odds improve: CryptoQuantUS 10-year bond yield one-month chart. Source: Cointelegraph/TradingViewReuters further reported that the average 10-year yield for the world’s seven largest economies had reached 4.285%, its highest since mid-2008 around the height of the Global Financial Crisis.UK and Japanese bonds also made headlines, as the UK 30-year yield reached 5.95% for the first time since March 1998, and the Japanese 10-year hit 3.04% — the highest in 30 years.UK 30-year bond yield one-month chart. Source: Cointelegraph/TradingViewResponding, trading resource The Kobeissi Letter predicted that central banks would tighten policy as a result and enact interest-rate hikes. The US Federal Reserve is widely expected to hike its benchmark rate by 0.25% on Wednesday, while the Bank of Japan is expected to do the same at its Friday meeting.“It’s clear what’s coming next. Monetary policy is shifting, rate hikes are returning, and the next battle against inflation has started. Just as we saw Treasury intervention in the US, the UK will likely soon intervene. Yields are simply unsustainable at current levels,” Kobeissi wrote in a post on X. Bond yields continued to rise due to the threat of a fresh global inflation wave on the back of high oil prices, with several key transit routes at risk from a widening Middle East conflict. WTI crude oil neared $105 per barrel on Tuesday, headed for its highest levels since early May.CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView