BTC stability hasn’t sparked a broader altcoin rally. Only 29 of top 100 coins trade above 50-day averages. Senate shelves Clarity Act. Fed decision Wednesday could be the catalyst.
Bitcoin and ether are under mild pressure today but remain above their 50-day moving averages — a bullish sign. The wider market isn’t so fortunate: only 29 of the top 100 crypto assets are trading above their respective 50-day averages, a decisively bearish breadth reading that compares poorly with the Nasdaq 100, where 47 stocks held above that threshold as of Monday. BTC’s relative stability since the selloff stalled near $58,000 on June 1 has yet to spill over into the broader altcoin market. Ether’s recent outperformance offers a sliver of hope for a rotation, but much depends on the Fed’s rate decision due Wednesday. With a September hike now fully priced into futures, analysts say the bar for a hawkish surprise that could meaningfully boost the dollar — and hurt BTC — is high. The Senate’s decision to shelve the Clarity Act in favor of a Russia sanctions bill removes a key near-term catalyst. Stay alert.
U.S. Senate puts off crypto Clarity Act for now as it focuses limited bandwidth elsewhere.
The U.S. Senate has shelved the Digital Asset Market Clarity Act, opting to first pursue a package of federal nominations and a Russia sanctions bill honoring the late Senator Lindsey Graham. Majority Leader John Thune began the nominations process Monday and moved to the Russia bill Tuesday, triggering a cloture process that involves multiple steps and waiting periods — limiting the Senate to one disputed bill at a time. The Clarity Act is therefore unlikely to receive a vote before next week, the final days before the August 8 recess begins. Key sticking points remain, chiefly the ethics provision limiting senior officials including President Trump from backing crypto projects — with Democrats arguing the current language doesn’t go far enough. Even if the Senate acts before the recess, the bill must return to the House for another vote, where Republican infighting has complicated progress on other initiatives. If Clarity misses 2026, the next avenues for regulatory legitimacy are the GENIUS Act stablecoin rollout and ongoing policy efforts at the SEC and CFTC.
Inside the CME and CFTC’s battle over onchain perpetual futures.
The largest derivatives exchange in the U.S., CME Group, is at war with its own regulator. Last month CME sued the CFTC and its chairman Mike Selig, challenging his decision to allow Kalshi and Coinbase to list crypto perpetual futures — leveraged, no-expiry contracts that let traders speculate on asset prices indefinitely. CME argues the CFTC mislabeled the products: perps lack an end date, making them swaps under existing law, which carry heavier margin and registration requirements. Both sides now await a federal court ruling that could shape how the U.S. handles a market that generated roughly $60 trillion in non-U.S. volume last year. The CME also attempted to fast-track 24/7 crude oil futures trading, but was blocked by the CFTC — adding another layer to a feud that critics say amounts to a large incumbent using regulation to fend off competition. Kalshi’s debut perp offering exceeded $1 billion in trading volume within its first week. CFTC Chair Selig, currently the sole member of the five-person commission, is pursuing a case-by-case approval approach rather than formal rulemaking — a strategy that mirrors the SEC’s recent policy-statement approach to crypto.
Combined spot and derivatives trading on centralized exchanges rose 13.0% to $4.99T in June — the first monthly increase since January. Gate was the standout performer, with spot volumes surging 50.8% to $66.1B, lifting market share by 1.55% to 5.95% — the largest gain of any tracked exchange.
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