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7 days ago
Bitcoin (BTC) rallied nearly 10% on Thursday to its highest price since early June. The move coincided with an announcement from the U.S. Treasury Secretary Scott Bessent to double the size of certain longer-dated bond buybacks. This was generally viewed as being somewhat supportive for market liquidity, which digital assets have historically had a relatively positive correlation with.
Shortly after Bessent’s update, U.S. President Donald Trump held a press conference with various leaders from the crypto industry, along with some from financial technology industries. In it, Trump put renewed pressure on Congress to advance the CLARITY Act, a comprehensive bill that aims to establish the first comprehensive federal regulatory framework for crypto in the U.S.
The bill lost momentum throughout June and July, before failing to make enough progress before the Senate went on a four-week recess earlier this month. Even with Trump’s latest comments, the consensus view is that the CLARITY Act will not pass by year-end.
Worth noting, efforts are ongoing elsewhere by federal agencies to make the U.S. a more crypto-friendly environment. For example, earlier in the week, the U.S. Securities and Exchange Commission (SEC) put forth ‘Regulation Crypto Assets’, which it says would be a “tailored offering regime” designed to help raise capital while having effective protection measures in place.
Another talking point from Trump’s press conference was his comments regarding the possibility of the U.S. government buying Bitcoin or other cryptocurrencies. When asked about the prospect of buying “sizable” amounts, Trump said it had “been talked about.” While vague, the statement marked the first time Trump had publicly said that these conversations were happening and he’d “certainly listen” to any proposals.
In the same press conference, President Trump said that efforts were ongoing to allow Hyperliquid, a growing decentralised exchange primarily offering perpetuals futures (perps), to operate in the U.S. “in a fully compliant and legal fashion.”
To date, Hyperliquid and similar platforms, such as Lighter (LIT), have not been accessible to U.S. persons. Trump framed these comments as part of efforts to bring perps markets “onshore” under U.S. oversight, rather than leaving them offshore. (Perps are a type of futures contract that have become increasingly popular in crypto derivatives trading.)
According to Trump, the Commodity Futures Trading Commission (CFTC) is leading these potential changes for Hyperliquid. Of note, the Hyperliquid Policy Center shared a video clip of the press conference. This organisation, based in Washington, D.C., is an advocacy group set up earlier this year that represents the Hyperliquid ecosystem.
https://x.com/HyperliquidPC/status/2090158897310867457
HYPE rallied immediately after Trump’s comments by 15%, with LIT not far behind with a jump of approximately 11%.
Ethereum's upcoming ‘Glamsterdam’ upgrade is set to go live by year-end, according to the Ethereum Foundation. Development has continued to progress, with the upgrade going live on a new public testnet on August 20.
Glamsterdam is widely seen as the most significant Ethereum change since the Merge in 2022. Its two upgrades combined, ‘Gloas’ (consensus layer) and ‘Amsterdam’ (execution layer), and unlike recent forks such as Dencun and Fusaka, which focused on making layer-two (L2) networks cheaper, this one rebuilds Ethereum mainnet itself.
The upgrade will fall under ‘Lean Ethereum’, a broad, multi-year conceptual roadmap for rebuilding Ethereum’s architecture. Earlier this year, co-founder Vitalik Buterin described Lean Ethereum as the network’s third major upgrade, comparable in ambition to the Merge in 2022, which itself was several years in the making.
Notably, Ethereum (ETH) had one of the strongest bounces on Thursday, climbing by nearly 20%, well ahead of other major cryptocurrencies like Solana (SOL) and XRP (XRP).
