The crypto market noticed bullish occasions igniting constructive sentiments final week. Macro elements and the US 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 robust trace at Fed fee cuts taking Bitcoin value above $64,000.
Crypto Headlines of the Week
Bitcoin Value Regains $64K
Within the newest crypto headlines, the worth of the biggest digital asset by market cap noticed important upticks hovering previous the $64k mark. That is hinged on the constructive market response to Fed Chair Jerome Powell’s speech, which pointed to potential fee cuts. Powell famous that the time has come for coverage to regulate because the central financial institution appears in direction of fee cuts. This daring assertion was speculated by a number of {industry} individuals 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% progress 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 grew to become a mainstream concern forward of the election. Professional-industry candidate Robert F Kennedy Jr withdrew from the presidential race to assist Donald Trump within the November polls. With criticisms in opposition to 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. Final week, US Bitcoin ETF inflows picked up following the bullish momentum available in the market, noting a complete inflow of $506 million. On Aug 24, inflows topped $252 million in the US with Hong Kong’s Bitcoin merchandise additionally recording excessive flows.
Kraken-SEC Lawsuit
One other main crypto headline of the week is the continuing authorized battle between the US Securities and Change Fee (SEC) and the crypto change Kraken. A US decide denied the movement of Kraken to dismiss the SEC lawsuit over alleged unregistered securities providing. This typically sparked numerous reactions though coverage watchers nonetheless took positives. The motion filed in opposition to one of many best crypto exchanges added to the continuing regulatory debacle with the monetary regulator. In the meantime, Kraken’s Chief Legal Officer Marco Santori wrote on X (previously Twitter) that per the court docket ruling, not one of the property are crypto property traded are securities.
Right this moment, the Federal Courtroom 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 can be a important 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 important milestones from Tether’s plans to launch a UAE Dirham-pegged stablecoin to spice up crypto adoption within the Center 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 presumably linked to the Chinese language Yuan. Moreover, 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 Expertise and Cryptocurrencies. He’s serious about studying about rising applied sciences and has an eye fixed for breaking information. Staying up to date with developments, David reported in a number of niches together with regulation, partnerships, crypto property, shares, NFTs, and many others. Away from the monetary markets, David goes biking and horse using.
Disclaimer: The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
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