Crypto Industry News & Market Trends

Crypto's campaign efforts see rare loss, but crypto roster in Congress likely to grow

Fairshake has been building and maintaining a cohort of crypto supporters in Congress, already adding a number of news names in primary victories over past months in races in which the PACs favored candidate is expected to win in the November elections. While the vast majority of candidates the PAC and its affiliates supported have won their primaries, the effort saw a significant setback in Illinois, where Fairshake spent more than $10 million trying to defeat Lt. Gov. Juliana Stratton in her Senate bid.　　Every member of next years Senate could be vital, depending especially on whether the industrys chief policy aim — the Clarity Act — prevails in its last-second drive for a Senate vote this week. Even if Clarity is resolved this year, the crypto sector is hoping for a number of other legislative answers to user needs, including crypto tax rules.

08-06Industry

CryptoQuant says bitcoin, ether and XRP whales are accumulating, signaling a 'late-stage bear market'

Quick TakeLarge crypto holders are accumulating bitcoin, ether, and XRP as prices remain under pressure, CryptoQuant said.The firm said this suggests the bear market is likely in its final stage, but prices may fall further before a clear bottom is confirmed.　　Large crypto holders are increasing their bitcoin (BTC), ether (ETH), and XRP (XRP) positions as prices remain under pressure, according to CryptoQuant, suggesting they may be preparing for the next market cycle.　　CryptoQuant said the activity signals that the bear market is likely in its final stage. However, the firm said the market has not reached a confirmed bottom, and prices may still fall further.　　“Across bitcoin, ether and XRP, the largest cohorts are adding supply as prices sit near or below their realized prices,” CryptoQuants head of research, Julio Moreno, said in a Wednesday report. “This positioning lowers downside pressure and is consistent with the final phase of the cycles decline.”　　Bitcoin whale balances, excluding exchanges and mining pools, have climbed to about 3.06 million BTC after it bottomed near 2.87 million BTC in December 2025, CryptoQuant said. The data also excludes exchange-traded funds or digital asset treasury companies, Moreno told The Block.　　Bitcoin whale holdings have recorded positive 30-day growth for most

08-06Industry

Western Union brings stablecoin remittances to Visa network with Stablecard

Western Union has partnered with stablecoin infrastructure provider Rain to launch Stablecard, a digital wallet and Visa-branded card that enables users to hold and spend a US dollar-backed stablecoin, marking one of the companys biggest moves into blockchain-based payments.　　On Wednesday, Western Union said Stablecard allows users to hold, receive, transfer and spend USDPT, a US dollar-backed stablecoin issued by Anchorage Digital Bank on the Solana blockchain.　　Stablecard launched in 37 markets, with Western Union aiming to expand availability to more than 60 markets by the end of the year. Users can receive Western Union money transfers directly into a USDPT wallet, transfer funds to compatible crypto wallets and exchanges and spend their balances anywhere Visa is accepted, including through Apple Pay and Google Pay.　　The launch reflects Western Unions effort to expand its role in the global remittance market as stablecoins gain traction for cross-border payments. The product is aimed at remittance recipients and consumers in countries with volatile local currencies, offering them the ability to hold savings in a dollar-backed digital asset while spending through existing payment networks.　　Western Union unveiled USDPT in May as part of its broader digital asset strategy, describing it as a stablecoin designed to align with the

08-06Industry

Marex invests in Digital Prime to expand institutional crypto lending

Marex Group, a Nasdaq-listed financial services firm, has invested an undisclosed amount in institutional crypto infrastructure provider Digital Prime Technologies, underscoring traditional finances growing interest in digital asset markets.　　The companies announced Wednesday that the investment will support the continued development of Tokenet, a digital asset lending and borrowing platform built by Digital Prime in partnership with EquiLend. Marex said the investment is part of its strategy to expand its institutional digital assets business.　　Last week, Digital Prime said Tokenet had surpassed $1 billion in lending inventory and more than $1 billion in borrowing demand from its launch partners. The figures referred to the amount of digital assets available to lend through the platform and the volume of borrowing interest expressed by participating institutions, rather than completed loans. Launch partners included Galaxy Digital and Ripple Prime, among others.　　The investment makes Marex the latest major financial services company to expand its digital asset business through investments in crypto market infrastructure. Other institutions, including Barclays, BNY and Wells Fargo, have recently targeted different segments of the industry, from stablecoin infrastructure to tokenized deposits.

08-06Industry

CLARITY Act misses cloture as bipartisan talks drag on

The CLARITY Act missed a key procedural opening after Senate Majority Leader John Thune filed cloture on several other measures while bipartisan negotiations over the crypto bill continued.　　CLARITY Act left out of Senate cloture filings　　On Wednesday, Senate Majority Leader John Thune filed cloture on the motion to proceed to S. 4668, the Protect College Sports Act of 2026, according to the U.S. Senate Daily Press. He also filed cloture on H.R. 6500, a substitute amendment to the continuing-resolution vehicle and Todd Blanches nomination to be attorney general.　　However, the majority leader did not make a corresponding filing for the CLARITY Act, leaving the crypto market structure bill without the procedural countdown required for an initial cloture vote.　　Cloture on a motion to proceed would allow the Senate to limit debate and begin considering the legislation. The motion requires support from 60 senators, meaning Republicans cannot advance the bill without Democratic votes.　　Crypto journalist Eleanor Terrett said Thunes decision to proceed with the college sports legislation indicated that negotiators had not reached a bipartisan agreement.　　“Thune has filed cloture on the motion to proceed to the college sports bill,” Terrett wrote, adding that it “signals theres still no bipartisan agreement on the Clarity Act.”　　The omission

08-06Industry

Feds Say an NFT Founder Raised $10 Million Only to Blow It All on Gambling, Trading, and a DJ Hobby

In briefDOJ charged Few and Far founder Taj Tarsha with securities fraud and wire fraud.Prosecutors allege he raised more than $10 million through token sales before misusing investor funds.If convicted, he faces up to 20 years in prison on each count.　　Federal prosecutors have charged the founder of NFT marketplace Few and Far with securities fraud and wire fraud, alleging he raised more than $10 million from investors to build a Web3 platform before spending much of the money on online gambling, speculative cryptocurrency trades, and personal expenses—like funding a DJ hobby.　　On Wednesday, the U.S. Attorneys Office for the Southern District of New York said that Taj Tarsha, 34, was indicted for allegedly defrauding investors in Few and Far, a startup that sought to build a decentralized marketplace for non-fungible tokens better known as NFTs.　　“Taj Tarsha is alleged to have concealed fraudulent conduct behind his crypto startup, using investor funds for personal benefit,” FBI Assistant Director in Charge James C. Barnacle, Jr. said in a statement. “Protecting the integrity of our financial markets is a priority, and the FBI remains steadfast in its commitment to conducting thorough and fact-driven investigations into potential financial offenses.”　　According to prosecutors, Tarsha allegedly began raising money

08-06Industry

Bitcoin Holds $64K as Polymarket Cuts CLARITY Odds to 15%

Bitcoin held firmly above $64,000 despite intraday swings between $63,900 and $64,706. The modest price gains triggered heavy losses for short sellers, driving $148 million in short liquidations out of $216 million across the total crypto market.　　Key TakeawaysBitcoin anchored above $64,000 on Wednesday, capping a 1.1% gain despite volatile intra-day trading.Coinglass data showed market liquidations reached $216 million, with short bets taking a $148 million hit.Polymarket lowered the CLARITY Acts 2026 passage odds to 15% as Senate delays push talks to September.　　Intra-Day Price Volatility and Resistance　　On Wednesday, bitcoin stubbornly anchored itself above the $64,000 baseline, though broader bullish momentum remained muted as political friction intensified around the impending CLARITY Act vote. Despite a sharp spike in 24-hour volatility, market data indicate the top cryptocurrency still managed to carve out a slight upward trajectory compared to its Aug. 4 consolidation range of $63,000 to $63,600.　　Market data show that although it dipped below $64,000 several times during the session, it quickly reclaimed the mark, signaling strong buying pressure. Still, a familiar ceiling emerged: Each rally stalled once bitcoin breached $64,400.　　That pattern held until 8:30 a.m. EST, when the price fell from $64,466 to a daily low of $63,900 in just over an

08-06Industry

Fed rate hike odds hit 46% as Kashkari warns on inflation

Minneapolis Fed President Neel Kashkari backed gradual interest rate increases as persistent inflation and uncertainty around the Strait of Hormuz complicate the outlook for US monetary policy.　　Kashkari calls for gradual Fed rate hikes　　Kashkari said during a CNBC interview on Wednesday that the central bank should begin moving interest rates higher as inflation remains above its target.　　“I think now is the time to start slowly moving rates up,” Kashkari said.　　The Minneapolis Fed president argued that current monetary policy does not appear particularly restrictive. He pointed to strong corporate earnings and continued economic resilience as signs that higher borrowing costs have not placed substantial pressure on demand.　　Kashkari clarified that he was not advocating a series of aggressive increases. Instead, he supported incremental moves intended to reduce inflation without causing an unnecessary slowdown in the US economy.　　His remarks add to a growing debate inside the Fed over whether rates are high enough to contain renewed price pressures. Kansas City Fed President Jeff Schmid also called for tighter monetary policy on Wednesday, although he did not specify when or by how much rates should rise.　　Feds July decision exposed a widening policy split　　The Federal Open Market Committee maintained the federal funds rate at 3.50%–3.75% during

08-06Industry

Gold hits 6-week highs on China demand as Bitcoin ignores fresh S&P 500 record

Bitcoin stayed wedged at $64,000 on Wednesdays Wall Street open as gold hit six-week highs.　　Key points:Gold analysis eyes Chinese demand as the precious metal hits its highest levels in six weeks.Bitcoin (BTC) sees a second day of lackluster performance against US stocks as the S&P 500 index builds on all-time highs.　　China in spotlight as gold rebounds past $4,200　　Data from TradingView showed continued BTC price inertia contrasting with upside for both precious metals and US equities.　　BTC/USD one-hour chart. Source: Cointelegraph/TradingView　　Gold gained 2.8% on the day to hit $4,213 per ounce, its highest levels since June 22. Chinese appetite spurred the upside, with Bloomberg reporting 14 consecutive days of inflows for domestic gold-backed exchange-traded funds (ETFs).　　China gold ETF inflows data. Source: Bloomberg　　These products saw their worst month of outflows on record in June per data from the World Gold Council. The year-to-date inflows to Chinese ETFs fell to 40 billion yuan ($5.6 billion). However, this is still the second-best H1 performance on record.　　“Demand for gold ETFs stayed robust amid growing geopolitical and economic uncertainties, while the PBoC‘s non-stop gold purchases continued to provide a supportive backdrop for sentiment. Institutional investor participation in Chinese gold ETFs has also risen, supporting demand for these

08-06Industry

BNB price targets $610 as open interest rises

BNB price traded near $600 on Aug. 5 after breaking out of its July range, while rising derivatives activity and nearby liquidation clusters pointed to a possible test of $610.　　BNB price reclaims $592 after July breakout　　According to data from crypto.news, BNB (BNB) price rose to approximately $600 on Wednesday, extending its recovery from a late-July range around $560 to $575. The daily chart shows that the token closed near $599.64 after reaching an intraday high of $605.50.　　BNB price daily chart — Aug. 5 | Source: crypto.news　　The move carried BNB above its 20-day and 50-day simple moving averages at $574.43 and $576.85, respectively. Reclaiming both averages supports the short-term bullish structure, although the asset has not yet reversed its wider downtrend.　　The 100-day SMA at $605.88 now represents the first major test. This level sits close to Wednesdays intraday high and could determine whether BNB extends its rally toward $610 or enters another period of consolidation.　　Longer-term resistance remains at the 200-day SMA near $636.13. BNB would need to reclaim that level before the daily chart confirms a broader bullish trend reversal.　　Chaikin Money Flow rose to 0.14 on the daily chart. A reading above zero indicates that buying pressure has exceeded selling pressure

08-06Industry

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