Top Crypto Headlines & Trends: BTC At $64K, RFK Jr. Endorses Trump, Kraken Suit

As a seasoned analyst with over two decades of experience in financial markets, I have witnessed numerous bullish and bearish cycles, but the crypto market of 2024 continues to surprise me with its resilience and rapid growth. Last week’s events were no exception, as the crypto market was abuzz with positive sentiments driven by macro factors, the US election campaigns, and the Federal Reserve’s hint at rate cuts.


Last week, the cryptocurrency market experienced a series of optimistic occurrences that sparked favorable feelings among investors. The unfolding political landscape in the United States, particularly the ongoing campaigns of Donald Trump, and broader economic factors played significant roles in shaping investor sentiment. Furthermore, remarks from US Federal Reserve Chair Jerome Powell suggesting potential Fed rate cuts contributed to Bitcoin‘s price surpassing $64,000.

Crypto Headlines of the Week

Bitcoin Price Regains $64K

In recent cryptocurrency news, the value of the leading digital asset, based on market capitalization, experienced substantial growth surpassing $64,000 due to favorable market responses following Fed Chair Jerome Powell’s speech. This speech suggested potential interest rate reductions. Powell hinted that it was appropriate for policy changes since the central bank is considering rate cuts. Many experts in the field interpreted this as a sign of declining inflation. He further mentioned that any rate adjustments would depend on future data and the balance of risks.

Bitcoin reached a high of $64,853, recovering its bullish momentum before experiencing a minor pullback. Currently, the Bitcoin price stands at $64,191, marking an 8% increase over the past week and a 4% rise in the last day. Similarly, Ethereum and other cryptocurrencies followed suit, with the Ethereum price jumping 4.1% to reach $2,792.

RFK Jr Endorses Donald Trump 

In the run-up to the November elections, U.S. politics are significantly influencing the market as cryptocurrency has emerged as a prominent issue. Contender Robert F. Kennedy Jr decided to step out of the presidential race and endorse Donald Trump instead. This move bolstered Trump’s campaign, with criticisms leveled against Democratic nominee Kamala Harris, adding momentum to his cause. As a result, Trump has gained an advantage over other candidates on Polymarket this week. Notably, many crypto and tech leaders, including Trump, have expressed their support for him, hoping for clearer regulations in the future.

Bitcoin ETF Inflows Headlines in Crypto Markets

In Q1 of 2024, Bitcoin ETFs focused on the U.S. market were at the center of conversations within the industry, as investments poured in, propelling the price of Bitcoin to a record-breaking high of more than $73,000. Last week saw a surge in these investments, with a total of $506 million flowing into U.S. Bitcoin ETFs. On Aug 24 alone, an impressive $252 million was invested in U.S. Bitcoin ETFs, and Hong Kong’s Bitcoin-related products also reported significant inflows.

Kraken-SEC Lawsuit 

As a researcher, I’m focusing on the current events in the cryptocurrency sphere, and one notable development this week is the ongoing legal tussle between the United States Securities and Exchange Commission (SEC) and the digital asset exchange Kraken. In a recent ruling, a US judge rejected Kraken’s motion to dismiss the SEC’s lawsuit, which accuses them of unregistered securities offering. This decision has stirred a wide range of responses, yet those monitoring regulatory policies still find some encouraging signs. The legal action against one of the leading crypto exchanges contributes to the ongoing regulatory chaos with the financial regulator. Notably, Kraken’s Chief Legal Officer, Marco Santori, expressed on social media that, according to the court ruling, none of the assets traded on their platform are considered cryptocurrencies that fall under the category of securities.

In a ruling today, the U.S. Federal Court for the Northern District of California determined, under legal principles, that no cryptocurrencies listed on the Kraken exchange qualify as securities.

As someone who has been closely following the cryptocurrency market for several years now, I must say that today’s victory for Kraken is a major milestone for the entire industry. Not only does it demonstrate the resilience and adaptability of this leading exchange, but it also sends a powerful message to all crypto users around the world about the importance of transparency and clarity in the digital asset space.

— Marco Santori (@msantoriESQ) August 23, 2024

Stablecoin Developments

In simple terms, the development of stablecoins, such as Tether’s proposed UAE Dirham-backed stablecoin, has reached important stages. This move could stimulate crypto adoption in the Middle East. Many users view stablecoins as a stepping stone into the market, which may lead to increased adoption gradually.

As a crypto enthusiast, I’m excited to hear about Russia’s plans to establish two cryptocurrency exchanges and potentially introduce a stablecoin tied to the Chinese Yuan. This move could significantly impact the global cryptocurrency landscape. On a separate note, it’s interesting to see DMM Group’s crypto division partnering with Progmat Inc. for the development of a stablecoin that adheres to Japan’s legal framework. These strategic moves underscore the growing importance and acceptance of digital currencies worldwide.

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2024-08-25 09:46