Crypto Market Sees Surge in Altcoins and Regulatory Uncertainty
This week was a whirlwind of activity in the crypto world.
The Altcoin Season Index reached a new high, hitting 48 as it measures the performance of the top 100 coins relative to Bitcoin over the last 90 days. This surge is accompanied by a rally in most altcoins, with NEAR Protocol, Tezos, Arbitrum, Uniswap, Ethena, and Zcash all soaring by over 40% in the past week.
The SEC Chairman Paul Atkins announced that the agency is committed to providing regulatory certainty to the cryptocurrency industry, regardless of the fate of the CLARITY Act. Atkins expressed gratitude for the efforts of government, Congress, investors, and innovators on the legislation despite its failure to advance in a Senate procedural vote.
Bitcoin surpassed the $80,000 mark on Friday, despite CoinShares' warning of a challenging setup heading into the year-end. The agency's Head of Research, James Butterfill, noted that two developments could impact Bitcoin and other altcoins, particularly those that run much of the stablecoin payment infrastructure.