Weekly Recap: Clarity Act Stalls in Senate
Plus, GAS sparks another AI token frenzy.
Happy weekend, Defiers!
After starting the week firmly in the green, crypto markets retraced some of their gains by Friday as geopolitical and macro concerns weighed on investor sentiment. BTC traded as high as $98,000 on Wednesday before slipping under $96,000 heading into the weekend.
The long awaited crypto market structure bill, or Clarity Act, faces headwinds after Coinbase withdrew support for the legislation, citing major issues with the Senate Banking Committee’s draft.
The AI coin trenches are showing signs of life again as activity spikes on Bags, a Solana-based token launchpad.
Finally, the crypto community is at a crossroads as engagement on X drops sharply following a major algorithm change.
Enjoy!
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Top Stories This Week
Coinbase CEO Strongly Opposes Senate’s Crypto Bill Draft
Brian Armstrong said that the largest U.S. crypto exchange cannot support the Senate Banking Committee’s current draft crypto market structure bill, warning it would be worse than leaving the industry without new legislation.
Bags Launchpad Activity Surges After GAS Token Soars 700%
Activity on Bags, a Solana-based token launchpad, is spiking this week after the success of Gas Town’s token (GAS) drew traders to the platform.
On Friday, several Bags tokens posted significant gains: GAS surged 682%, Ralph Wiggum (RALPH) spiked 433%, Claude Memory (CMEM) climbed 543%, and Vibe Virtual Machine (VVM) gained 405%.
It’s Not Just Crypto Twitter That’s Dead — Experts Say Broader Retail Interest Is Waning
Crypto Twitter seems to be at a crossroads as engagement on X drops sharply following a major algorithm change that disrupted the platform’s crypto content.
Rumors that the new recommendation system was suppressing crypto-related posts sparked widespread community backlash, with many influential accounts claiming their reach had been slashed and traffic diverted to politics and low-value content.
Bitcoin Slips Below $95K as Analysts Flag Make-Or-Break Zone
Crypto markets pulled back slightly on Friday, giving up some recent gains after a short-lived rally earlier this week.
Trending
- Bitcoin Slips Below $95K as Analysts Flag Make-Or-Break Zone
- Galaxy Tokenizes First CLO on Avalanche With $50M Grove Allocation
- Felix Protocol to Launch Spot Equities on HyperEVM
- Ondo Finance TVL Doubles to Over $2B in Less Than a Year
- Fogo Launches Public Mainnet After Binance Token Sale
- KAITO Plummets as X Bans InfoFi Rewards
That’s it for today — have a great weekend! If you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe
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