Market Overview

The crypto market rose to $2.71T, touching the highs seen in the second half of last week, but retreated fairly quickly to a comfortable $2.65T. The volatility can be linked to news headlines about the CLARITY Act and its rapid progress, while the pullback can be attributed to a return to the status quo after the Democrats tabled a ‘counterproposal’ just a few hours before the final vote. This act should clarify the future of crypto in the US; without it, it remains in the fog. Prediction markets put the chances of the bill passing by the end of the year at 19%, roughly the same as last week, after a spike to 34% on Monday. It appears the market is getting used to life without this legislation, though this has not…