Happy Wednesday all!
If you missed the past 24 hours in crypto and stocks, here's your full recap:
🚨 Major Headlines & Market Moves 🚨
- The US Senate failed to advance the Clarity Act after a cloture vote of 49-50, well short of the 60 votes needed. No Democrats voted yes. Four Republicans — Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis — also voted no. Mitch McConnell voted to advance the bill.
- Roughly $300 million in crypto longs were liquidated in the minutes after the vote failed.
- Bitcoin sold off on the news and traded around $75,500 after printing a session low near $74,900.
- Crypto-linked stocks amplified the move. Coinbase and Strategy dropped about 6%
- The S&P 500 closed down 0.45%. It was the second straight down day and the lowest close since late July.
- Coinbase CEO Brian Armstrong said clarity is coming to crypto regardless and that the industry cannot wait on Congress anymore.
- Ripple CEO Brad Garlinghouse said he remains optimistic about the future of crypto in the US.
- Senators Cynthia Lummis and Bill Hagerty said Senate Democrats were never serious about protecting consumers or keeping American leadership in crypto.
- Senator Elizabeth Warren argued that passing the Clarity Act would put the US at risk of an economic crash.
- Strive CEO Matt Cole said Bitcoin looks set for a large run, put the odds that the bottom is in at about 95%, and said Bitcoin could average around 50% a year into 2030.
- Bloomberg reported that President Trump has made more trades than all of Congress combined since returning to office.
- Nvidia CEO Jensen Huang is set to attend a dinner with President Trump and Chinese President Xi Jinping.
- Two Robinhood engineers were charged with commodities fraud and wire fraud for allegedly taking confidential company information and using it to trade perpetual futures on Hyperliquid.
- X launched its US Cashtag Partner Program, linking financial conversations on the platform to trading through Coinbase, Kraken and Gemini.
- The 10-year Treasury yield remains above 5%, the highest since 2007, even after 175 bps of Fed cuts since September 2024.
- SB Energy filed to go public with a $439 billion backlog tied mostly to data centers, despite having no operating data centers yet.
📊 Altcoin Market Updates 📊
- Ethereum followed Bitcoin lower and traded around $2,400.
- JPMorgan said it does not see a lot of institutional demand for stablecoins.
- Okx said it will list $PONS for spot trading.
- World said it is the official prediction market of Frontier Traders, a Solana Foundation rewards program that pays rebates and campaign prizes to on-chain traders.
- Robinhood CEO Vlad Tenev followed the official Golden Arrow account.
If you enjoyed this daily roundup, make sure to follow me, I'll see you tomorrow!
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Written by Timothy Assi, an Elite Popular Investor on eToro.
Not investment advice. eToro is a multi-asset investment platform. Your capital is at risk. For information and educational purposes only.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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