Why is crypto still rallying? A conversation about the bull market, regulation, interest rates, and stock tokenization

Podcast: Bankless

Compiled by: Yuliya, PANews

Editor's note: In the third week of September, crypto turned bullish once again. Even though the U.S. Clarity Act failed to pass and the Federal Reserve raised the federal funds rate for the first time since 2023 — which by all logic should count as a "double dose of bad news" — crypto asset prices did not fall noticeably, but instead moved broadly higher.

Hosts Ryan and David discuss bull market confirmation signals, Bitcoin's price range, the performance of privacy coins and mid-market tokens, bond yields and economic interpretation, the details of the Fed's rate hike and Trump's reaction, the innovation exemption the SEC rolled out immediately after the Clarity Act failed (allowing tokenized stocks to trade on AMMs and DEXs), options potentially becoming DeFi's next big track, Kraken's compliant onboarding of Hyperliquid, the growth of Venice AI token consumption, the launch of Arc Chain, and S&P's acquisition of OpenZeppelin.

After a double dose of bad news, why is the market even stronger?

Ryan: David, how would you sum up last week?

David: I think this past week actually gave us a very strong bull market confirmation signal. The hallmark of a bull market is that everyone is extremely sensitive to good news and completely indifferent to bad news. Rates went up, the bill died, and yet coin prices either didn't fall or went even higher. Crypto investor Eric Conner also said that being able to digest these two pieces of bad news on the same day actually felt pretty good.