CoinSpot
You have a payment open
Click link to continue with the payment in this tab - remaining time:
.
6 minutes
16 hours ago
The market rallied slightly after the U.S. Senate Banking Committee voted to advance the CLARITY Act to the full Senate floor for debate and a vote, ending several months of stalled progress.
The CLARITY Act is widely considered the most significant piece of legislation in the crypto industry’s short history. Simply put, it aims to establish a regulatory framework and market structure for crypto, ending years of uncertainty for entrepreneurs, developers, investors and companies in the U.S.
Despite the recent progress, the CLARITY Act is not guaranteed to become law. It must secure scheduled time (i.e. floor time) for debate, amendments, and a final vote to take place in the Senate. Several other major pieces of legislation are in the same boat, meaning the CLARITY Act faces tight competition for limited floor time.
Timing is crucial for the CLARITY Act because the legislative calendar is increasingly limited as the year advances, mainly due to the U.S. midterm elections in November. Therefore, it will be important to monitor whether the bill can secure a slot in June or July before the Senate breaks for summer recess, which runs from August 10 through September 11. (The Senate also has a shorter break between June 29 and July 10.)
Series of posts by Kristin Smith, president of the Solana Policy Institute, on what’s ahead for the CLARITY Act (Source: X)
Hyperliquid (HYPE) recently reached an all-time high of $90, continuing a strong run that has seen it outperform most of the broader crypto market over recent months. Even when priced against Bitcoin (BTC), HYPE is currently sitting at an all-time high.
It comes as Hyperliquid continues to see growing adoption of its tokenised real-world assets (RWAs). These are derivatives that allow users to gain exposure on commodities (e.g. oil, gold) and stocks. As explained in our latest market update, two important metrics to measure adoption for Hyperliquid are open interest (OI) and trading volume. These directly impact the amount of fees being generated by the protocol, which then uses nearly all of these fees to automatically buy HYPE off the open market.
These events have coincided with the first exchange-traded funds (ETFs) for HYPE going live in the U.S. This month, the first three spot HYPE ETFs launched, a potential sign of increasing levels of interest in HYPE among institutions.
So far, the funds have recorded roughly $108 million ($77 million USD) in cumulative net inflows, as per data from Blockworks. According to a post by Kairos Research, this is the equivalent of 1.04% of HYPE's market cap.
Several altcoins rallied over the past two weeks to multi-month highs. Nearly all of these were projects tied to privacy, AI, or both.
Among the top performers were Zcash (ZEC) and NEAR Protocol (NEAR), two longstanding projects that are experiencing strong fundamental growth for different reasons. For example, confidential intents on NEAR have experienced consistent growth since launching three months ago. (Confidential intents are basically a way to hide sensitive transaction details while performing across different blockchains.)
Render (RENDER), Fetch (FET) and Bittensor (TAO) were among other projects to have outperformed BTC and the overall crypto market over the past week.
