Despite a retreat in oil prices boosting stocks, Bitcoin is breaking below $75,000.
And oddly enough, it’s happening at the exact same time the crypto industry may be stronger politically than it’s ever been before.
Because while BTC struggled after a reported $1.3 billion “dark pool” style trade spooked traders, crypto-backed PACs were simultaneously cleaning house in key Congressional primaries.
The biggest example: Texas Congressman Al Green losing after becoming one of the loudest anti-crypto voices in Congress.
Just months ago, Green stood on the House floor asking:
Now the answer appears to be: Because it works.
Fairshake and affiliated crypto PACs reportedly spent more than $6 million targeting Green’s race. And heading into November, every politician in Washington is now getting the same message loud and clear: Going aggressively anti-crypto may now carry actual electoral consequences.
That’s becoming especially important as the Clarity Act and stablecoin legislation continue moving through Congress.
To be fair, not every race materially changes the balance of crypto support in Washington. Some pro-crypto Republicans simply replaced other pro-crypto Republicans. But the broader trend is unmistakable now: crypto money has become one of the biggest forces shaping modern financial politics.
And depending on who you ask, that’s either bullish… or terrifying.
At the exact same time crypto is gaining influence in Washington, regulators overseas are once again spotlighting the industry’s favorite weak spot: Sanctions evasion.
The UK is now reportedly going after HTX over allegations tied to roughly $1.5 billion in crypto flows linked to Russia.
Those headlines matter politically because they reinforce the argument anti-crypto lawmakers keep making: that crypto is more useful for moving money around sanctions than for actual financial freedom. Every billion-dollar enforcement story makes it harder for the industry to shake that narrative.
Especially as crypto simultaneously ramps political spending in the US.
Meanwhile, one asset refusing to care about any of this is Hyperliquid. Even with Bitcoin rolling over, HYPE is still trading above prior all-time highs.
And the institutional pitch around the token is evolving fast.
On Coinage this week, Hyperliquid Strategies CEO David Schamis argued HYPE increasingly behaves less like a speculative crypto token and more like an actual growth business.