Bitwise CIO Matt Hougan identifies the rapid increase in gold prices and US regulatory uncertainty as crucial factors impacting the cryptocurrency market. He discusses how half of gold's value was generated in the last 20 months due to excess liquidity and currency devaluation. Hougan also warns that failure of the proposed Clarity Act could lead to a prolonged period of crypto proving its value with stablecoins and tokenized stocks playing key roles in potential regulatory progress.