Crypto Market Slumps Amid Regulatory Uncertainty

The crypto market saw a decline in the past week, with Bitcoin (BTC) falling by 1.78%, Ethereum (ETH) by 1.61%, and the total crypto market cap dropping to $2.17T from $2.19T.

Funding rates rose across major cryptocurrencies despite negative sentiment, indicating increased risk-taking in the market.

Regulatory developments took center stage as the CLARITY Act failed to pass before Senate recess and the SEC canceled their meeting to discuss crypto regulations.

The Bank of England's Digital Pound Lab is testing stablecoins for use in cross-border finance, while Michael Saylor's Strategy raised its USD reserve by $650M and repurchased $109M in STRC shares.