The crypto market noticed bullish occasions igniting optimistic sentiments final week. Macro elements and america election campaigns of Donald Trump had been the highlights as crypto insurance policies continued to form buyers’ sentiment. US Federal Reserve Chair Jerome Powell additionally gave a powerful trace at Fed fee cuts taking Bitcoin worth above $64,000.
Crypto Headlines of the Week
Bitcoin Worth 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 optimistic market response to Fed Chair Jerome Powell’s speech, which pointed to attainable 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} members as inflation declined. He added that fee cuts will depend upon incoming knowledge and the steadiness of dangers.
Bitcoin touched $64,853 as bulls regained momentum earlier than marking a slight correction. At worth time, BTC worth 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 worth 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. Professional-industry candidate Robert F Kennedy Jr withdrew from the presidential race to help 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 america with Hong Kong’s Bitcoin merchandise additionally recording excessive flows.
Kraken-SEC Lawsuit
One other main crypto headline of the week is the continued authorized battle between america Securities and Change Fee (SEC) and the crypto trade Kraken. A US decide 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 in opposition to the most effective crypto exchanges added to the continued regulatory debacle with the monetary regulator. In the meantime, Kraken’s Chief Authorized 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 now, the Federal Court docket for the Northern District of California dominated, as matter of legislation, 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 probably 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.
Disclaimer: The introduced content material could embrace 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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