Crypto asset manager Bitwise has called Hyperliquid “one of the most mispriced assets in crypto today,” despite its outperformance so far this year.

“Hyperliquid is one of the most important crypto projects to emerge in years,” Bitwise investment chief Matt Hougan said in a note on Tuesday. 

“Its native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD [year to date]. And yet I still think investors are underestimating its impact and its value.”

Bitwise launched a HYPE exchange-traded fund on the New York Stock Exchange on Friday. 21Shares launched a similar HYPE fund earlier that week, which drew only $1.2 million in net inflows, low compared to other altcoin ETF debuts.

Hougan said HYPE’s mispricing is partly due to the market valuing Hyperliquid solely as a perpetual crypto futures exchange, when it should be priced as a “global super-app.”

Hyperliquid’s main focus is the popular sector of crypto perpetual futures trading, but the platform also has trading linked to stocks, prediction markets and other assets, with Hougan adding that the platform sees nearly half of its volume tied to non-crypto assets.

Source: Matt Hougan

Other crypto platforms have also looked to expand beyond just crypto, with many major US crypto exchanges, such as Coinbase, Kraken and Gemini, working to expand into prediction markets and tokenized equities trading to shore up their balance sheets.

Related: ICE, CME press US regulators to ‘rein in’ Hyperliquid energy trading: Report

SEC Chair Paul Atkins has also given his support to “super-apps” that can custody and trade multiple assets on one regulatory license. He has tasked the regulator with exploring how it can allow tokens tied to securities to trade on platforms it doesn’t regulate.

Hougan argued that Hyperliquid “has become the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ offering investors exposure to ‘a variety of asset classes.’”

He added, however, that the platform “still needs to mature” as it is not available in the US and would need to integrate itself into the country’s regulatory system.

BitMEX co-founder Arthur Hayes was also bullish on HYPE in a March blog post, saying the platform could continue to see its token rally if it continues to pull volume away from centralized exchanges and expand its product offerings.

Magazine: Your guide to surviving this mini-crypto winter 

The US Senate moved to curb presidential war powers, advancing a resolution that could force President Trump to obtain congressional authorization before expanding military actions against Iran. The procedural measure passed 50-47, with four Republicans voting in favor, according to Reuters. The move underscores a long-running debate over who has the authority to commit U.S. forces, a dispute written into the constitutional balance between the executive and legislative branches.

The bill seeks to require congressional sign-off for any further U.S. troop deployments in or attacks on Iran, effectively challenging the administration’s unilateral discretion in a conflict that has endured for several months. While it signals legislative intent to reassert Congress’s war powers, the measure still faces substantial obstacles before becoming law. It must clear the full Senate and a Republican-led House of Representatives, and President Trump could veto the bill, potentially triggering a veto override that would demand two-thirds support in both chambers.

Key takeaways

• The Senate advanced a war-powers resolution related to Iran with a 50-47 vote; four Republicans sided with the Democrats, highlighting intraparty divisions on foreign-action authority.
• Even if approved by the Senate, the bill faces a steep climb through the Republican-controlled House and could be vetoed by the White House, with a two-thirds override unlikely without broad cross-party support.
• Supporters argue Congress should have a formal check on military engagement, while opponents warn that requiring authorization could hamper strategic responses to perceived Iran threats.
• Analysts see potential short-term crypto and risk-asset implications tied to the debate, especially if tensions de-escalate and oil prices ease; in the near term, Bitcoin traded around the mid- to upper-$70,000s.

The legal and political crossroads

At the heart of the vote is a constitutional question: who should authorize war? The measure’s sponsors frame it as a correction to what they view as an overreach by the executive branch in setting military policy. Democratic Senator Tim Kaine of Virginia, the bill’s sponsor, has framed the issue as a test of Congress’s constitutional prerogatives. On X, Kaine argued that Congress has the power to stop an “unwise conflict,” calling for the Senate to tell the President to halt the war. His message echoes calls from many lawmakers who contend that ongoing military commitments abroad should not proceed without legislative consensus.

Republican voices have cautioned against rigidity in wartime decision-making. Senator Bill Cassidy publicly voiced concerns that the administration and military leadership have left Congress insufficiently informed about the scope and aims of the operations in question, describing a lack of transparency around what has been termed an ongoing campaign in Iran.

What happens next—and why it matters for markets

Even with momentum in favor of the bill at this stage, passage through the Senate represents only part of the journey. The much larger political hurdle is the Republican-led House, where party leadership could resist moving the measure forward. A presidential veto remains a real possibility, and an override would require a two-thirds majority in both chambers—a threshold that is hard to obtain in the current partisan climate.

Beyond the political calculus, financial markets are watching the tug-of-war over war powers because it can influence risk sentiment and macro conditions. The ongoing Iran scenario has already fed macro headwinds—rising inflation, energy price volatility, and investor caution—contributing to a broader crypto market stagnation in recent months. Bitcoin and other digital assets have traded in a narrow range as traders weigh the geopolitical backdrop against the prospect of policy shifts and economic resilience.

HashKey Group senior researcher Tim Sun weighed in on the political signal this week, noting that the procedural advance “directly indicates that Trump is facing mounting domestic political pressure regarding his continued use of military force.” He suggested the move could act as a mild positive catalyst for risk assets, rather than a decisive driver, adding that the market’s attention remains anchored to macroeconomic shifts rather than a single congressional vote. If geopolitical tensions ease and oil prices retreat, Sun said, the valuation risk across risk assets could ease and support a broader crypto rebound.

In a separate assessment, Andri Fauzan Adziima, research lead at the Bitrue Research Institute, described the war-powers development as a bullish catalyst for crypto, potentially sparking a 6% to 10% relief rally in Bitcoin in the near term. Adziima pointed to prior episodes where de-escalation headlines quickly translated into price spikes for Bitcoin, estimating that a calmer geopolitical backdrop could relieve risk-off pressure and drive flows back into digital assets.

As of the latest notes, Bitcoin hovered around the mid- to upper-$70,000s, a level that observers see as a barometer for risk appetite in scales ranging from altcoins to large-cap tokens. The market’s sensitivity to the Iran dynamic reflects a broader pattern: crypto assets often move in relief rallies when headlines suggest reduced geopolitical risk or credible openings for economic normalization. Yet with the House and the White House still to weigh in, the immediate market trajectory remains uncertain.

Context for the current debate also includes the broader energy landscape. The conflict has been tied to shifts in energy markets—oil and gas prices can respond sharply to supply disruptions and geopolitical risk, with the Strait of Hormuz historically a critical chokepoint. Any near-term de-escalation could help temper energy-driven inflation pressures and, by extension, reduce the risk premium on high‑beta assets such as Bitcoin and altcoins.

Reuters’ reporting on the Senate vote anchors the procedural development in a concrete political process, while cryptocurrency researchers frame the potential market response in terms of risk-on sentiment and macroeconomic alignment. The unfolding narrative thus sits at the intersection of constitutional governance, U.S. foreign policy, and a volatile digital-asset market that remains highly sensitive to global risk signals.

Looking ahead, watchers should monitor whether the resolution gains traction in the Senate’s full vote and whether the House sponsors align with or resist the move. A veto scenario could still prevail, but even a protracted negotiation over war powers would shape investor expectations and could influence both traditional markets and crypto pricing in the months ahead. The next few legislative steps—and any corresponding shifts in oil prices or inflation expectations—will help determine whether crypto markets find a clearer path toward renewed risk-taking or remain tethered to ongoing macro uncertainties.

For readers tracking the implications of policy on prices and risk appetite, the key question remains: will Congress reassert its authority to check military action, and how swiftly could any resulting policy changes influence liquidity, capital flows, and the appetite for higher-risk assets like Bitcoin in the current economic climate?

Keep an eye on the coming votes and any executive responses, as markets will likely calibrate to the most immediate signals about how the U.S. intends to balance deterrence, diplomatic engagement, and domestic political dynamics in the months ahead.

Tether and Gnosis have participated in a $4.4 million seed round for Sorted Wallet as the crypto firms continue expanding stablecoin payment infrastructure across emerging markets.

According to an announcement shared by Sorted Wallet, the round included $3.4 million in equity funding led by Tether and Gnosis, alongside participation from Movement, Angel Invest Group, and several angel investors, including the founders of RWA.io. Vox Solutions also contributed $1 million in strategic support as part of the funding package.

Meta has reportedly begun cutting staff in Singapore as the company executes a plan to reduce employee numbers by 8,000 to lean more heavily on AI. 

Emails were sent out at 4 a.m. Singapore time to affected employees, and staff in the US and Europe were also expected to be notified that morning, Bloomberg reported on Tuesday, citing people familiar with the matter. Meta’s engineering and product teams are expected to be hit hardest. 

Meta is one of several Big Tech firms cutting staff while investing heavily in AI infrastructure in an effort to streamline operations and reduce costs. An estimated 49,135 layoffs have occurred at US companies in 2026 as a result of AI integration. 

The cuts have also hit crypto firms, such as digital payments platform Block, which laid off 4,000 workers in March, while Coinbase and Crypto.com also recently cut about 700 and 180 employees, respectively. 

A memo from Meta’s head of people, Janelle Gale, seen by Bloomberg, said Meta’s “flatter structure” and “smaller teams” would enable the company to move faster than before.

“We believe this will make us more productive and make the work more rewarding,” Gale wrote. 

The people familiar with the matter told Bloomberg that additional layoffs could follow later in the year.

Related: Hong Kong’s Boyaa Interactive eyes $70M crypto treasury expansion 

Earlier this month, employees at Meta widely criticized a company initiative to collect data from their devices, such as keystrokes, mouse movements and screen content, for the company to train its AI models.

Meta’s aggressive spending on AI infrastructure has also caused investor concern that it won’t pay off.

The Mark Zuckerberg-led company has already poured more than $100 billion into AI, and it also plans to build the world’s biggest AI facility in the US state of Louisiana, potentially valued at $200 billion.

The amount is more than the $80 billion that Meta poured into the metaverse before shifting its vision to mobile as it shut down the VR version of Horizon Worlds, the company’s virtual reality social network that was intended to underpin its broader metaverse strategy.

Magazine: Crypto scammers face death, Aussie CGT makes Asian hubs attractive

Blockchain data platform Bubblemaps said it identified a cluster of Polymarket wallets that collectively earned $2.4 million with a 98% win rate on contracts tied to US military operations.

Nine wallets placed all their major bets just before major military developments, including the Feb. 28 attack on Iran, the killing of Iranian Supreme Leader Ayatollah Ali Khamenei and the US-Iran ceasefire agreement, Bubblemaps wrote in a Monday X post.

The accounts were all funded through centralized cryptocurrency exchanges in a tight timeframe and made some minor losing bets on Feb. 20, which likely served to “avoid attention,” according to Bubblemaps. Four of them each made around $400,000 in profit on their bets that the US would strike Iran on Feb. 28.

The investigation highlights the growing insider trading concerns tied to decentralized prediction markets such as Polymarket and Kalshi. It aimed at curbing insider trading on prediction markets.

Source: Bubblemaps

While the data platform doesn’t have definitive proof that the accounts belonged to insiders, the onchain trail is “symptomatic of someone with an unfair informational advantage,” Nicolas Vaiman, the CEO of Bubblemaps, told Cointelegraph. He added:

“We cannot say with certainty that this was an attempt to hide, but it is suspicious that funds were routed through CEXs and third-party services before funding new Polymarket accounts, effectively covering their tracks.”

US lawmakers seek stricter regulations on war-related prediction market contracts

US lawmakers have previously proposed new laws to fight the growing insider trading concerns tied to military contracts on prediction markets.

On March 10, US Democratic Party Senator Adam Schiff introduced the DEATH BETS Act, which seeks to ban federally regulated prediction markets from listing contracts tied to war, terrorism, assassination and individual deaths.

DEATH BETS Act. Source: Schiff.senate.gov

The bill came shortly after six Polymarket traders netted $1 million by betting on the US strike against Iran.

Separately, in late March, California Governor Gavin Newsom signed an executive order to curb public servants from insider trading on prediction markets tied to political or economic events they can influence.

Related: CFTC no-action letter eases event contract reporting rules

Polymarket, Kalshi, notional volume per category, weekly. Source: Dune

Politics-related contracts are currently the third-largest category on Polymarket, accounting for 12% of notional trading volume, and the fifth-largest on Kalshi, where they account for 0.7% of weekly trading volume, according to Dune data.

Magazine: Inside a 30,000 phone bot farm stealing crypto airdrops from real users