The crypto market noticed bullish occasions igniting constructive sentiments final week. Macro elements and the United States election campaigns of Donald Trump had been the highlights as crypto insurance policies continued to form traders’ sentiment. US Federal Reserve Chair Jerome Powell additionally gave a powerful trace at Fed fee cuts taking Bitcoin value above $64,000.
Crypto Headlines of the Week
Bitcoin Price Regains $64K
In the newest crypto headlines, the worth of the biggest digital asset by market cap noticed vital upticks hovering previous the $64k mark. This is hinged on the constructive market response to Fed Chair Jerome Powell’s speech, which pointed to doable fee cuts. Powell famous that the time has come for coverage to regulate because the central financial institution seems in the direction of fee cuts. This daring assertion was speculated by a number of {industry} members as inflation declined. He added that fee cuts will rely upon incoming information and the stability of dangers.
Bitcoin touched $64,853 as bulls regained momentum earlier than marking a slight correction. At value time, BTC value trades at $64,191, an 8% development within the final seven days and a 4% uptick in a 24-hour window. Ethereum and different altcoins additionally tapped gained together with the uptrend as ETH value spiked 4.1% to $2,792.
RFK Jr Endorses Donald Trump
United States politics proceed to form the market as crypto turned a mainstream concern forward of the election. Pro-industry candidate Robert F Kennedy Jr withdrew from the presidential race to assist Donald Trump within the November polls. With criticisms towards the Democratic presidential nominee Kamala Harris, RFK Jr.’s backing of Trump added momentum to the Republican candidate’s marketing campaign who prolonged his lead on Polymarket this week. Most crypto and tech executives together with Trump have backed Trump citing hopes of regulatory readability.
Bitcoin ETF Inflows Headlines in Crypto Markets
Spot Bitcoin ETFs dominated {industry} narratives in Q1 2024 with inflows taking the worth of Bitcoin to a brand new all-time excessive above $73,000. Last week, US Bitcoin ETF inflows picked up following the bullish momentum out there, noting a complete inflow of $506 million. On Aug 24, inflows topped $252 million within the United States with Hong Kong’s Bitcoin merchandise additionally recording excessive flows.
Kraken-SEC Lawsuit
Another main crypto headline of the week is the continuing authorized battle between the United States Securities and Exchange Commission (SEC) and the crypto alternate Kraken. A US choose denied the movement of Kraken to dismiss the SEC lawsuit over alleged unregistered securities providing. This usually sparked various reactions though coverage watchers nonetheless took positives. The motion filed towards one of many best crypto exchanges added to the continuing regulatory debacle with the monetary regulator. Meanwhile, Kraken’s Chief Legal Officer Marco Santori wrote on X (previously Twitter) that per the courtroom ruling, not one of the belongings are crypto belongings traded are securities.
Today, the Federal Court for the Northern District of California dominated, as matter of regulation, that not one of the tokens buying and selling on Kraken are securities.
This is a big win for Kraken, for the precept of readability and for crypto customers in all places. It additionally confirms Kraken’s…
— Marco Santori (@msantoriESQ) August 23, 2024
Stablecoin Developments
The stablecoin {industry} marked vital milestones from Tether’s plans to launch a UAE Dirham-pegged stablecoin to spice up crypto adoption within the Middle East. Most customers see stablecoins as a gateway asset to the market resulting in extra adoption over time.
Russia additionally plans to launch two crypto exchanges and a stablecoin probably linked to the Chinese Yuan. Furthermore, DMM Group’s crypto arm tapped Progmat Inc. to develop a stablecoin compliant with Japan’s legal guidelines.
David Pokima
David is a finance information contributor with 4 years of expertise in Blockchain Technology and Cryptocurrencies. He is concerned about studying about rising applied sciences and has an eye fixed for breaking information. Staying up to date with tendencies, David reported in a number of niches together with regulation, partnerships, crypto belongings, shares, NFTs, and many others. Away from the monetary markets, David goes biking and horse driving.
Disclaimer: The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
