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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 the time of writing, 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.
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.
Conclusion
The past week has seen significant developments in the crypto market, with Bitcoin price regaining $64K, RFK Jr endorsing Donald Trump, and the ongoing legal battle between Kraken and the SEC. The stablecoin industry also marked significant milestones, with Tether planning to launch a UAE Dirham-pegged stablecoin and Russia planning to launch two crypto exchanges and a stablecoin.
FAQs
Q: What is the current price of Bitcoin?
A: The current price of Bitcoin is $64,191.
Q: What is the significance of the Fed Chair Jerome Powell’s speech?
A: Powell’s speech pointed to possible rate cuts, which sparked a positive market reaction and led to an uptick in Bitcoin price.
Q: Who is Robert F Kennedy Jr, and why did he withdraw from the presidential race?
A: Robert F Kennedy Jr is a pro-industry candidate who withdrew from the presidential race to support Donald Trump in the November polls.
Q: What is the current state of the Kraken-SEC lawsuit?
A: A US judge denied the motion of Kraken to dismiss the SEC lawsuit over alleged unregistered securities offering.
Q: What are the plans of Tether and Russia in the stablecoin industry?
A: Tether plans to launch a UAE Dirham-pegged stablecoin, while Russia plans to launch two crypto exchanges and a stablecoin possibly linked to the Chinese Yuan.
