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Bitcoin
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Affairs
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No. 115 · 19 Sept 2026
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In partnership with
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MARKET SNAPSHOT
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BTC / USD
$81,449
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24H CHANGE
+0.9%
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ALL-TIME HIGH
$124,749
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FROM ATH
-34.7%
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CFTC sends crypto market rulebook to White House after Clarity Act setback
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The CFTC filed its proposed "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" with the White House's review office on September 18. The move shows U.S. agencies are still building a crypto market-structure regime through existing authority after the Clarity Act stalled in the Senate.
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ECB says energy prices now drive euro area rate expectations
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ECB Vice President Boris Vujčić told Reuters that energy prices have become the main driver of market pricing for inflation, the policy path and the terminal rate. He said markets may be overly focused on energy, but acknowledged traders are now pricing several hikes over the next 12 months.
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| Rates Macro Geopolitics |
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COMMENTARY
VOICE FROM THE NETWORK
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Something very unusual is happening in the crypto market right now.
Bitcoin just absorbed 5 major bearish headlines in a single week, and it's still green over the week.
1. The CLARITY Act failed in the Senate.
2. The Fed hiked rates.
3. The Bank of Japan hiked rates.
4. The dollar index crossed back above 100 for the first time in 7 weeks.
5. Oil is climbing too.
Despite all of that, Bitcoin is still trading above where this week started.
Something similar happened back in 2023.
The SEC labeled major altcoins as securities. The SEC sued exchanges. The Bitcoin ETF got delayed again. The Fed kept hiking rates.
Bitcoin still never made a new low during that entire stretch.
Usually when this exact pattern has shown up before, the market absorbing back to back bearish news without breaking down, it often means the bottom was in.
412 reposts 123 replies 2.7K likes
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This was an INSANE week for crypto.
It started with the CLARITY Act failing despite support from President Trump, the Treasury, and agencies.
Bitcoin dropped to $75K and suddenly everyone was expecting new lows.
Then the FED hiked rates for the first time in 3 years.
Shorts piled up and bears were confident.
And then everything flipped.
- Strategic Bitcoin Reserve bill advanced
- Crypto tax bill passed
- SEC said they will create crypto rules and approved onchain stock trading
- CFTC sent crypto market rules to the White House for review
Bitcoin pumped $6000 from $75K to $81K and reclaimed the MA50. ETH closed above $2,600 for the first time since January 2026, and the Altcoin market cap hit an 8-month high.
The biggest FUD couldn’t break crypto, and that says a lot about how far this market has come.
144 reposts 131 replies 1.3K likes
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JUST IN: $135,000,000,000 has been added to the crypto market cap so far today.
$400,000,000 in leveraged short positions have been liquidated over the past 12 hours.
This comes after the SEC approved limited on-chain trading of tokenized stocks and the CFTC filing new rulemaking to regulate the crypto market.
Meanwhile, the Fed is projected to raise interest rates by another 25 basis points next month.
782 reposts 279 replies 5.7K likes
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Bitcoin is trading at $81K, but the activity behind the price has cooled significantly.
Aggregating data from 50+ exchanges, the market is currently recording around 17.5M trades, well below the peaks seen in 2025/26.
And this is not an isolated phenomenon. Binance, Bybit, OKX, and HTX are all showing a sharp decline in the number of executions. Bybit, for example, has dropped from extreme peaks in late 2025 to just 3.05M trades today.
Binance still accounts for 8.12M trades, nearly half of the aggregated total.
This is different from Volume. Volume measures how much capital is being traded. Number of Trades measures how frequently trades are actually being executed.
The current picture points to a market with lower transactional activity and greater concentration on the largest exchanges, even while BTC remains at elevated price levels.
If Volume is not falling at the same pace, that would also imply larger average trade sizes, which may be another indication of weaker retail trader participation.
A rising and elevated price does not necessarily mean the market itself is becoming more active.
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7 reposts 24 replies 131 likes
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Bitcoin has never been a straight line.
Its history is full of traps, fake breakouts, violent reversals and squeezes designed to force leverage out of the market.
Longs get trapped. Shorts get trapped. Then the cycle repeats.
In Bitcoin, conviction matters. But risk management matters more.
6 reposts 17 replies 158 likes
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