Crypto Prices Recover on Big Political Developments in the US: This Week’s Recap

It’s been an exciting seven days in the cryptocurrency market, which gained over $100 billion throughout the period. In what seems like a breath of fresh air, we are finally seeing some meaningful signs of recovery following weeks of turmoil and depressing price action.

The total capitalization is currently hovering slightly below $2.3 trillion, and it comes on the back of predominantly positive performance on behalf of the majority of cryptocurrencies.

Bitcoin’s price, for once, increased by 5.2% over the last week and is currently testing $61K. The leading cryptocurrency even increased above $62K for a brief moment, but the bears were quick to intercept and pushed it back. In any case, this is good news for long traders, given that at this time last week, BTC was trading at around $58K.

To those wondering – yes, there are very specific reasons for this increase.

First things first, the administration of US Presidential candidate Kamala Harris recently said that it will introduce policies to support the growth of the industry. Keep in mind, though, that they’ve said so in the past, and their 92-page platform has absolutely no mentions of either ” bitcoin” or “crypto.”

At the same time, Robert Kennedy – the leading independent candidate – terminated his campaign in Arizona, and many suspect that he will be endorsing Donald Trump. That’s what his pick for VP – Nicole Shanahan – hinted at during an interview earlier in the week. In any case, an endorsement from Kennedy might strengthen Trump’s chances in the race against Harris, and the crypto community has seemingly agreed that this will be the better pick.

More importantly, though, the chairman of the US Federal Reserve – Jerome Powell – said today that the time has come to cut interest rates.

The US stock market and BTC took this as a positive, and prices soared in response.

It will be interesting to see if this momentum will carry through the coming months, especially as the US elections draw near.

Market Data

Market Cap: $2.27T | 24H Vol: $76B | BTC Dominance: 53.3%

BTC: $61,291 (+5.2%) | ETH: $2,666 (+2.9%) | BNB: $580 (+12.8%)

This Week’s Crypto News You Can’t Miss

Bitcoin Surges as Fed Chair Promises Rate Cuts in September. The Chairman of the US Federal Reserve, Jerome Powell, said that it’s time for the country to start cutting interest rates. The markets soared in response, with the S&P almost achieving new highs.

RFK Steps Down from Arizona Race, Donald Trump Announces Special Guest for His Rally. Robert Kennedy Jr., will take himself off the ballot in Arizona. Meanwhile, Donald Trump has announced a special guest for his rally in the state. Many are speculating that RFK will endorse Trump.

Bitcoin Will Explode If Trump Wins The Election: Tom Lee. The well-known Bitcoin permabull Tom Lee, also a renowned analyst, believes that the cryptocurrency market and BTC will surge if Donald Trump wins the presidential elections in the United States.

CEO Richard Teng Reveals Binance’s Hiring Push: 700-Strong Compliance Team by 2024. The CEO of Binance, Richard Teng, revealed that Binance is looking to onboard 200 members by the end of 2024. This highlights the company’s efforts to abide by international regulations.

McDonald’s Instagram Hacked to Promote Solana-Based Scam Meme Coin ‘Grimace’. McDonalds official Instagram account was hacked. Scammers used the it to promote a memecoin called Grimace – McDonald’s famous purple character. They managed to steal more than $700,000 in Solana.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Binance Coin, and Solana – click here for the complete price analysis.