Several major events happened this week.
🤚 The CLARITY Act failed to pass
The Senate blocked the bill in a procedural vote. The market reacted instantly: $300M in crypto longs were liquidated in just 20 minutes. BTC is back under selling pressure.
But regulators aren't backing down. SEC Chair Paul Atkins said the agency will deliver regulatory clarity for crypto "with or without legislation." The CFTC is also ready to issue crypto rules on its own.
📈 The Fed raised rates by 25 bps
Fed Chair Kevin Warsh: "Inflation has been too high for too long." The Fed isn't confident inflation is moving toward its target and expects one more rate hike before year-end. Higher rates can put additional pressure on crypto and equities, while making more conservative assets relatively more attractive.
🪙 The US is moving toward a Bitcoin reserve
The House Committee approved a bill to establish a Strategic Bitcoin Reserve, under which the US would hold BTC as a government reserve asset.
The market is under pressure from multiple directions right now. Spot or Perpetuals. The choice is yours 💰
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