Bitcoin crossed the $86,000 mark for the first time since late January as falling oil prices and concerns over supply lifted US stocks. Bitcoin (BTC) spiked above $86,000 after Monday’s Wall Street open as US stocks rose amid cooling oil prices. Key points: Read more
Coinbase draws scrutiny after the CLARITY Act stalls, while the SEC moves ahead with tokenized stocks and crypto firms push deeper into payments. The crypto industry spent much of the past two years preparing for regulatory clarity in Washington. This week, one of its biggest legislative priorities hit a major roadblock. The CLARITY Act failed to advance in the Senate on Tuesday, falling short of the 60 votes needed to bring the bill to the floor for debate. The setback significantly narrows the bill’s path this year, with the Senate calendar tightening ahead of the Nov. 3 midterm elections. Strategists say crypto exchanges such as Coinbase may have more at stake than most from the stalled legislation. Read more
Multicoin Capital co-founder Samani expects SOL to surpass Ether’s market capitalization “this market cycle” and argues that “today, no one really uses Ethereum.” Multicoin Capital co-founder Kyle Samani predicts more crypto companies will choose to build on Solana over Ethereum due to its ease of use and greater functionality. Solana will flip Ether during “this market cycle,” Samani told Cointelegraph during an episode of Trade Secrets, predicting that Ethereum may gradually lose its edge as the default smart contract network choice for crypto companies. Samani and Multicoin amassed a sizable early position in Solana and he has been one of its strongest proponents for years. His prediction would require a five-fold increase in SOL’s $58 billion market capitalization to surpass Ether’s current market cap of $293 billion. Read more