Here's what happened in crypto today. FOMC Minutes, the CLARITY Act, and more.

Let's get into it.

First, the FOMC Minutes dropped and they were mildly hawkish.
The market took it as confirmation that rate cuts are not coming in March.
The CME FedWatch Tool now shows less than 6% odds for a March cut.

Bitcoin extended its weekly losses to 7%.
From Sunday's peak near $71,000, it dropped to a low of $65,800.
Right now, the broader market is still in extreme fear.

Ethereum is barely holding $2,000, down 10% on the week.
Solana dropped 4% today, down 11% weekly, but holding $80.
XRP got hit hardest, down 15% since February 15th and now below $1.50.

All eyes now turn to Friday's PCE inflation data.
If inflation prints hot, expect more downside.
If it cools, we could see some relief heading into the weekend.

Now, the other big story.
The Federal Reserve just endorsed prediction markets.
A new Fed study on Kalshi says these markets provide real-time tracking of expectations.
In some cases, they are even better than traditional surveys and polls.
The Fed specifically called out Kalshi for inflation, unemployment, and GDP data.
This is a major endorsement from the government.

The catch? The CFTC and state regulators are still fighting over who oversees this space.
That battle remains a threat to full development.

That's what happened in crypto today.