The Consumer Price Index (CPI) rose 3.8% year‑over‑year, reaching its highest level since May 2023.
The core CPI, which excludes more volatile food and energy components, increased 2.8%, keeping inflation well above the Fed’s 2% target.
Altcoins also faced pressure last week amid inflation concerns. Ethereum, Solana and XRP fell 11%, 12% and 6% respectively.
Looking at the current week, with no major U.S. macro releases scheduled, the narrative of keeping rates higher for longer may continue to dominate market headlines.
Regarding regulatory matters, the crypto‑asset world’s focus remains on events surrounding the CLARITY Act, after last week the Senate Banking Committee directed its market‑structure bill for further work.
Investors increasingly view clear regulatory frameworks as a long‑term positive catalyst, as they could encourage greater institutional participation in the U.S. crypto‑asset market.
BIGGEST MARKET CHANGES
$HYPE rose 9% over the past seven days, defying the overall crypto market trend, after the introduction of a perpetual futures contract for SpaceX shares on the decentralized exchange Hyperliquid ahead of the IPO.
The launch of this instrument drew significant attention in crypto markets, as it gives investors the ability to speculate on the perceived value and dynamics of SpaceX before any public debut.
NOTABLE STORIES
The Senate Banking Committee is moving its crypto‑asset market structure bill forward for further work.
On Thursday last week, the Senate Banking Committee voted 15‑to‑9 in favor of its version of the crypto‑asset market structure bill, marking a significant step forward in U.S. crypto regulation.
The bill’s passage was previously delayed by several months due to disputes over stablecoin interest rates. Lawmakers and the traditional banking sector expressed concerns that interest‑bearing stablecoins could directly compete with bank deposits and savings products, potentially sparking a banking panic, limiting banks’ lending capacity and causing broader market tensions.
If the Senate passes the bill, it must then go through a reconciliation process with the House of Representatives’ version. When both chambers adopt identical text, the unified bill will go to the President’s signature to become law.
Lawmakers and predictive markets currently anticipate final passage in October or November of the current year.
