Everything crypto wanted just happened in the same week. Warsh got confirmed, and the CLARITY Act passed committee. Bitcoin responded by falling from $82,000 to $76,800 in four days. Welcome to May.
DeepNode (DN) surged 128% after its mainnet launched on Base L2 and a Binance Alpha listing brought visibility to the AI infrastructure token. OpenEden (EDEN) gained 88% riding RWA sector momentum—it tokenizes US Treasuries through an S&P "AA+" rated fund, exactly the profile that stands to benefit post-CLARITY Act passage. Aleph Zero (AZERO) climbed 70% with no single clear catalyst. $3M market cap means thin volume moves the needle fast.
Mitosis (MITO) dropped 55%. Founders allegedly vanished in March, leaving $1.4M in staking rewards unpaid. The token crashed 87% then and hasn't recovered.
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What Shaped the Market
The most overloaded macro week of 2026: A Fed Chair swap, hot inflation, a Senate crypto vote, a Trump-Xi summit, and a US credit downgrade. All in ten days.
Warsh Is In. Powell Is (Technically) Still Around
The Senate confirmed Warsh as Fed Chair on May 13, 54–45: the most divided vote in modern Fed history. He replaced Powell on May 15, holds crypto across at least 20 investments, and is a known hawk who once called Bitcoin "the new gold." Trump has publicly pushed Warsh to cut rates. BTC popped above $80K on the news.
Senate Banking approved the CLARITY Act on May 14. BTC and ETH classified as commodities. DeFi developers protected from broker rules. XRP +4%, Hyperliquid +17%, BTC broke $81K on May 15. Then "sell the news" wiped it all out—BTC to $76,800 by Monday. ETH fell 10%. Still faces a floor amendment fight and a full Senate vote before May 21 recess.
CPI: 3.8%, above expectations. PPI: fastest acceleration in three years. Rate cut odds for 2026 cratered. Some traders now pricing in a hike. Oil above $100 isn't helping. The selling came after the CLARITY Act euphoria faded.
The CEOs of Tesla, NVIDIA, Apple, and BlackRock flew to Beijing with the President. Tariffs, semiconductors, Iran, Strait of Hormuz. Diplomatic warmth, no deals worth naming. Crypto barely reacted.
What's Next
CLARITY Act full Senate vote: Before Memorial Day recess (May 21). Warren filed 44 amendments in committee. If it stalls, Lummis says it won't come back until 2030.
Warsh's first FOMC (June 16–17): markets pricing in almost no chance of a cut. Trump is publicly pressuring him to ease. Tone matters more than decision.
Strategic Bitcoin Reserve: White House said "a major announcement" is coming. Still waiting.
Moody's fallout: Priced in, unless 30-year yields push past 5% again.
Mid-terms: Crypto regulation is now a campaign issue. Every CLARITY Act vote will show up in ads.
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