Crypto News of the Week: Major Developments and Market Insights
Bitcoin’s (BTC) Chronicles
The flagship cryptocurrency experienced a highly volatile trading session over the past week, primarily driven by on-chain movements and macroeconomic events. According to the U.S. Bureau of Labor Statistics, the U.S. consumer price index (US CPI) inflation cooled to 2.9% this week, sparking investor optimism. However, Bitgo wallet shifted a whopping $1.97 billion worth of Mt Gox’s BTC holdings, signaling creditor repayment plans, which presented the coin with quite the turbulence in the past seven days.
In the interim, Japan’s Metaplanet bought more BTC this week, adding to contrasting market sentiments. Simultaneously, El Salvador disclosed plans for a whopping $1.6 billion investment to promote the development of the proposed Bitcoin City. Marathon Digital also announced plans to acquire more BTC this week, offering $250 million of convertible senior notes that promptly became oversubscribed. On the other hand, Bitcoin options expiry added to sentiments of easing volatility across the broader market. On Friday, August 16, 24,000 BTC options expired with a put call ratio of 0.83, a notional value of $1.4 billion.
Trump vs. Harris Developments
Meanwhile, the Democratic Party Vice President Kamala Harris’ winning odds overshadowed Republican Donald Trump this week. According to the NY Times, the latest poll results show that Harris’ winning bets stood at 49%, whereas Trump’s stood at 47%. This recent shift of tide in the Democratic Party’s favor has sparked significant discussions nationwide.
Despite Trump’s recent interview with the American entrepreneur Elon Musk, the poll results have considerably overshadowed the Republican. Also, it’s worth mentioning that Musk extended an invitation to Kamala for an interview, which was never responded. Nonetheless, the Democratic VP currently dominates the ongoing presidential campaign, as mentioned above.
Other Key Crypto News This Week
Meanwhile, Franklin Templeton filed for a Crypto Index ETF this week, encompassing Bitcoin and Ethereum. Further, Coinbase and KuCoin applied for licenses in Turkey. In the aftermath of an exploitation attack, WazirX shifted its assets to new multisig wallets, withdrawing it from a custodian. Moreover, Grayscale expanded its crypto portfolio, revealing a new MakerDAO Trust this week. Lastly, Judge Torres’ final ruling in the XRP lawsuit set stage for the ‘Ripple Test’, making another buzzworthy crypto news this week.
Conclusion
This week’s crypto news has presented a mixed bag of developments, with Bitcoin’s price fluctuating in response to macroeconomic events and on-chain movements. Meanwhile, the ongoing presidential campaign has seen a significant shift in favor of the Democratic Party, with Kamala Harris’ winning odds eclipsing those of Donald Trump. Other key developments include the filing of a Crypto Index ETF and the expansion of Grayscale’s crypto portfolio. As the crypto market continues to evolve, it’s essential to stay informed about the latest developments and trends.
FAQs
Q: What drove Bitcoin’s price fluctuations this week?
A: Bitcoin’s price fluctuations were primarily driven by on-chain movements and macroeconomic events, including the US CPI inflation rate and Bitgo’s shift of Mt Gox’s BTC holdings.
Q: What are the implications of the Democratic Party’s winning odds?
A: The Democratic Party’s winning odds in the presidential campaign have significant implications for the crypto market, as a Democratic presidency could lead to increased regulation and oversight.
Q: What is the significance of Franklin Templeton’s filing for a Crypto Index ETF?
A: The filing of a Crypto Index ETF could provide investors with a new way to access the crypto market, potentially increasing institutional investment and driving growth.
