Crypto markets turn red despite BoE interest rate cut and Donald Trump’s reaffirmed support for BTC: This week’s crypto roundup

All eyes in the cryptocurrency community were on the Bitcoin Conference in Nashville last weekend as former US President and current Republican candidate Donald Trump was expected to appear.

Once he took the stage, crypto markets went on a wild roller coaster ride with tons of volatility due to some of his promises, including making the US the “digital asset capital of the world,” as well as removing SEC Chairman Gary Gensler from his position immediately upon resuming office.

Once the dust had settled after the conference call, BTC turned north on Monday and touched $70,000 for the first time in almost two months. However, he could not sustain his run and was quickly dumped for four thousand. The price declines continued in the following days, culminating yesterday with a drop to $62,200, which became its lowest price position in 16 days.

This came even as the Bank of England joined the Bank of Canada and the ECB in cutting interest rates, a move typically seen as bullish for risk assets like crypto.

Since that low, bitcoin has not been able to calm down at a single point. On the contrary, it rose to $65,600, dropped to $63,500 and is now hovering around $65,000 after a few more swings.

The overall market sentiment on a weekly basis is quite painful. Bitcoin has lost over 4% of its value, while ETH is down just under 4%. Even more violent declines are evident from SOL (-11%), DOGE (-10%), ADA (-8%), TRX (-8%), AVAX (-12%) and LINK (-8%).

Market data

Market capitalization: $ 2.4 thousand | 24 Hour Flight: $112 million | BTC Dominion: 53.1%

BTC: $64.871 (-4.4%) | ETH: $3,128 (-3.6%) | BNB: $571 (-1.3%)

Cryptocurrency Market Overview. Source: QuantifyCrypto This week’s crypto headlines you better not miss

Donald Trump says Bitcoin will likely outperform gold. Donald Trump spoke at the Bitcoin 2024 conference in Nashville last weekend. He said he wants the United States to become the crypto capital of the world and shared his belief that Bitcoin is capable of surpassing gold at some point.

The Bank of England follows Europe and Canada in cutting interest rates, will the Fed join? Following in the footsteps of the European Central Bank, the Bank of England also cut interest rates for the first time in four years. The BoE cut rates from 5.25% to 5% earlier this week.

The new Bitcoin Act legislation aims to establish a cryptocurrency stock in the United States. Pro-crypto Senator Cynthia Lummis introduced a bill aimed at creating a national Bitcoin reserve in the Senate. The legislation is called the Boosting Innovation, Technology, and Competitiveness Through National Optimized Investment Act of 2024, also known as BITCOIN.

Goldman Sachs CEO predicts Bitcoin could rival gold as a store of value. Goldman Sachs CEO David Solomon has predicted that Bitcoin could rival gold as a store of value. The executive joins the likes of former President Trump who also seem to share that notion now.

BlackRock Solana ETF isn’t going away anytime soon, CIO confirms. Many members of the cryptocurrency community have speculated that BlackRock will eventually apply for a Solana spot ETF following the approval of its requests for BTC and ETH exchange-traded funds. The firm’s CIO, however, confirmed that they have no plans to do so anytime soon.

The SEC plans to amend Binance’s complaint, avoiding a ruling on third-party crypto asset values. The US Securities and Exchange Commission wants to amend its complaint against Binance. More precisely, it wants to avoid a ruling on third-party crypto assets like Solana, Cardano, COTI and others, after claiming they were securities.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Shiba Inu – click here for the full price analysis.

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