Bitcoin reclaims $80,000 as Solana, Hyperliquid rally after Clarity setback

Bitcoin reclaimed $80,000 after rising more than 5% on Friday morning. Bitcoin had recently consolidated around $78,000-$75,000. Solana jumped about 10%. Hyperliquid jumped about 10%. Hyperliquid reached a new all-time high above $90. Hyperliquid traded around $91.60 at publication time. Hyperliquid launched manual borrowing for stablecoin loans backed by HYPE and BTC. Users can supply HYPE as collateral. Users can supply BTC as collateral. Users can borrow stablecoins such as USDC and USDT. The Clarity Act hit a roadblock in the Senate. The Commodity Futures Trading Commission filed its crypto asset rulemaking with the White House for review. The Securities and Exchange Commission released an innovation exemption one day earlier. The exemption allows onchain trading of tokenized stocks. A House panel voted earlier in the week to advance the American Reserve Modernization Act. The act would direct the Treasury Department to maintain a secure Bitcoin storage facility. Pantera Capital founder and managing partner Dan Morehead said the industry does not need Congress. Morehead said the SEC and CFTC are enacting measures that would have been included in the Clarity Act. Morehead said people remain bullish on bitcoin because the Federal Reserve is behind on inflation. Morehead said interest rates should be much higher than they are today. Morehead said Pantera is much more bullish on Solana than Ethereum. Morehead said Solana and Ethereum are both valid. Morehead said dozens of important blockchains will emerge in the long term. Kevin O'Leary said he is buying new crypto positions. O'Leary is watching for a major stock exchange to adopt blockchain technology. JPMorgan analysts said high short interest and hedging around BlackRock's IBIT ETF show that investors remain more cautious on bitcoin than gold. JPMorgan analysts said easing hedging could give bitcoin more support relative to gold. Jeff Anderson of STS Digital said markets were trading well after the Clarity Act failure and Warsh's hawkish hike on Wednesday. Anderson said U.S. yields were lower. Anderson said bitcoin was marginally higher. Anderson said altcoins were outperforming. Anderson said the Nasdaq had returned to recent highs. Anderson said traders viewed Warsh as a bump in the road.