The broader crypto market is under pressure this week, with a cluster of mid-cap altcoins posting steep seven-day losses even as Washington delivered a notable regulatory milestone for the industry.

Double-Digit Losses Across the Board

$ICP (Internet Computer), $JUP (Jupiter), $VVV (Venice Token), and $ONDO (Ondo Finance) are among the hardest-hit assets over the past seven days. Internet Computer shed 24.3%, Jupiter fell 24.6%, Venice Token dropped 19.6%, and Ondo Finance lost 22%. Other notable names including $SUI, $PUMP, $ARB, $APT, and $TON have also recorded significant declines in the same period.

The selling pressure has been broad-based. ICP fell sharply to a one-week low, a move that coincided with a broader market correction and Coinbase's removal of several non-USD trading pairs, including ICP/USDT and ICP/GBP, which reduced available liquidity. For Ondo Finance, approximately 1.94 billion ONDO tokens, nearly 19% of the total supply, were unlocked in January 2026 in a pre-scheduled event. Although institutional demand absorbed much of the new liquidity, the increase in circulating supply has created a mechanical headwind for price appreciation.

Clarity Act Advance Fails to Lift Sentiment

The selloff comes despite a significant legislative development for the crypto sector. The Senate Banking Committee passed the Clarity Act in a 15-9 bipartisan vote, with two Democrats crossing the aisle to support it, though many others are reserving judgment until key issues are resolved, including law enforcement concerns and an ethics provision.

The Clarity Act, which would create a regulatory framework for the cryptocurrency industry, is described as the top legislative priority of the crypto lobby, as it would add predictable oversight and guardrails to the sector. However, the Senate has limited time on its legislative calendar before lawmakers disperse for summer recess and the midterm congressional elections, meaning the process cannot afford major further delays if it is to be completed this year.

For now, positive legislative news has done little to stabilise prices. Traders are watching key support levels closely as selling pressure continues to build, and further volatility remains a real possibility in the near term.

Sources:
CNBC: Crypto industry scores win as Clarity Act clears Senate hurdle
CoinDesk: Clarity Act clears U.S. Senate committee
CoinMarketCap: ICP latest updates and market news