Crypto Market This Week: BTC, US Elections, & Ripple’s XRP Spark Buzz

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As an analyst with over two decades of experience in the financial markets, I have witnessed the rise and fall of countless trends and cycles. Yet, the dynamic nature of the cryptocurrency sector continues to captivate my attention like no other. This week’s developments are a testament to that fascination.

This past week in the ever-changing world of cryptocurrency saw significant headlines emerge throughout the industry. The price of Bitcoin (BTC) surged substantially following the U.S. elections, while the overall market displayed strong optimism with Donald Trump’s victory as the 47th president. Meanwhile, Ripple‘s XRP took center stage this week, experiencing noteworthy advancements.

Here’s a summary of some notable news articles from CoinGape Media that have caught my attention during the past seven days. Enjoy!

BTC & Crypto Market Mirrors Bullishness Post-US Elections

This week marked Donald Trump’s victory in the 2024 U.S. Presidential Elections, which has significantly boosted optimism in the cryptocurrency market. According to CoinGape Media, Bitcoin reached a new all-time high this week following Trump’s win. Additionally, with the conclusion of the American elections, a total of 242 pro-crypto representatives were elected to the House of Representatives. Furthermore, 14 pro-cryptocurrency candidates secured seats in the Senate. In summary, the recent U.S. Presidential Elections had a significant impact on the crypto industry due to their stance on digital assets, fostering an overall bullish sentiment.

Currently, there’s ongoing chatter in the market that the U.S. Securities and Exchange Commission (SEC) might dismiss many of its digital asset lawsuits due to the election of a pro-cryptocurrency candidate. Additionally, rumors about Gary Gensler, SEC chairman, potentially resigning under President Trump’s term have been circulating in financial circles this week.

For a short period, Dogecoin garnered attention from market observers worldwide, largely due to Elon Musk’s involvement with D.O.G.E. in Trump’s administration. Over the last seven days, this meme-based coin has seen an approximately 50% increase, fueling investor confidence regarding its price trends.

This week, it’s worth mentioning that recently created Bitcoin wallets have been acquiring substantial amounts of coins, accumulating approximately $145 million in value. Furthermore, the U.S. Federal Reserve decided to reduce interest rates by 0.25 basis points, which has contributed to a sense of optimism regarding risk assets this week. Consequently, the price of Bitcoin surged to reach a new all-time high of $77,507 as a result. The total weekly gains for Bitcoin amounted to 13%, fueled by the excitement surrounding the U.S. elections.

Ripple’s XRP Garners Attention

This week, Ripple’s XRP has been at the center of many market discussions, driven by Trump’s election victory and his supportive views towards cryptocurrencies. Brad Garlinghouse, CEO of Ripple, expresses great optimism about the future of the crypto industry following the Republican’s win.

This week, the possibility of an XRP ETF became stronger due to Trump’s pro-cryptocurrency stance in office. Moreover, Ripple indicated plans for launching a United Arab Emirates Dirham-backed stablecoin. Furthermore, the price of XRP increased by approximately 14% during the last week, reaching $0.57.

This week, the recent advancements sparked numerous conversations throughout the digital currency sector.

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2024-11-10 08:36