The crypto market saw bullish events igniting positive sentiments last week. Macro factors and the United States election campaigns of Donald Trump were the highlights as crypto policies continued to shape investors’ sentiment. US Federal Reserve Chair Jerome Powell also gave a strong hint at Fed rate cuts taking Bitcoin price above $64,000.
Crypto Headlines of the Week
Bitcoin Price Regains $64K
In the latest crypto headlines, the price of the largest digital asset by market cap saw significant upticks soaring past the $64k mark. This is hinged on the positive market reaction to Fed Chair Jerome Powell’s speech, which pointed to possible rate cuts. Powell noted that the time has come for policy to adjust as the central bank looks towards rate cuts. This bold statement was speculated by several industry participants as inflation declined. He added that rate cuts will depend on incoming data and the balance of risks.
Bitcoin touched $64,853 as bulls regained momentum before marking a slight correction. At price time, BTC price trades at $64,191, an 8% growth in the last seven days and a 4% uptick in a 24-hour window. Ethereum and other altcoins also tapped gained along with the uptrend as ETH price spiked 4.1% to $2,792.
RFK Jr Endorses Donald Trump
United States politics continue to shape the market as crypto became a mainstream issue ahead of the election. Pro-industry candidate Robert F Kennedy Jr withdrew from the presidential race to support Donald Trump in the November polls. With criticisms against the Democratic presidential nominee Kamala Harris, RFK Jr.’s backing of Trump added momentum to the Republican candidate’s campaign who extended his lead on Polymarket this week. Most crypto and tech executives including Trump have backed Trump citing hopes of regulatory clarity.
Bitcoin ETF Inflows Headlines in Crypto Markets
Spot Bitcoin ETFs dominated industry narratives in Q1 2024 with inflows taking the price of Bitcoin to a new all-time high above $73,000. Last week, US Bitcoin ETF inflows picked up following the bullish momentum in the market, noting a total influx of $506 million. On Aug 24, inflows topped $252 million in the United States with Hong Kong’s Bitcoin products also recording high flows.
Kraken-SEC Lawsuit
Another major crypto headline of the week is the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and the crypto exchange Kraken. A US judge denied the motion of Kraken to dismiss the SEC lawsuit over alleged unregistered securities offering. This generally sparked diverse reactions although policy watchers still took positives. The action filed against one of the best crypto exchanges added to the ongoing regulatory debacle with the financial regulator. Meanwhile, Kraken’s Chief Legal Officer Marco Santori wrote on X (formerly Twitter) that per the court ruling, none of the assets are crypto assets traded are securities.
Today, the Federal Court for the Northern District of California ruled, as matter of law, that none of the tokens trading on Kraken are securities.
This is a significant win for Kraken, for the principle of clarity and for crypto users everywhere. It also confirms Kraken’s…
— Marco Santori (@msantoriESQ) August 23, 2024
Stablecoin Developments
The stablecoin industry marked significant milestones from Tether’s plans to launch a UAE Dirham-pegged stablecoin to boost crypto adoption in the Middle East. Most users see stablecoins as a gateway asset to the market leading to more adoption over time.
Russia also plans to launch two crypto exchanges and a stablecoin possibly linked to the Chinese Yuan. Furthermore, DMM Group’s crypto arm tapped Progmat Inc. to develop a stablecoin compliant with Japan’s laws.
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