Crypto prices bounce back from major US political developments: This week’s roundup

It’s been an exciting seven days in the cryptocurrency market, which earned more than $100 billion over the entire period. In what feels like a breath of fresh air, we are finally seeing some significant signs of recovery after weeks of turmoil and depressed price action.

The total capitalization is currently just under $2.3 trillion, and this is thanks to a predominantly positive performance on behalf of most cryptocurrencies.

Bitcoin price, for once, rose 5.2% over the past week and is currently testing $61,000. The leading cryptocurrency even surged above $62,000 for a brief moment, but the bones quickly intercepted and pulled it back. In any case, this is good news for long traders, given that at this time last week, BTC was trading around $58,000.

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

First of all, the administration of US presidential candidate Kamala Harris recently said that it will introduce policies to support the growth of the industry. Note, however, that they have said this in the past, and their 92-page platform makes no mention of “bitcoin” or “crypto.”

At the same time, Robert Kennedy, the leading independent candidate, finished his campaign in Arizona and many suspect that he will support Donald Trump. That’s what his pick for vice president, Nicole Shanahan, hinted at during an interview earlier this week. In any case, an endorsement from Kennedy could bolster Trump’s chances in the race against Harris, and the crypto community seems to have agreed that this will be the best choice.

More importantly, however, US Federal Reserve Chairman 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 continues over the coming months, especially as the US election approaches.

Market data

Market capitalization: $ 2.27 thousand | 24 Hour Flight: $76 Million | BTC Dominion: 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 rises as Fed chair promises rate cuts in September US Federal Reserve Chairman Jerome Powell said it’s time for the country to start cutting interest rates. Markets soared in response, with the S&P nearly hitting new highs.

RFK drops out of Arizona race, Donald Trump announces special guest for his rally. Robert Kennedy Jr., will withdraw from the vote in Arizona. Meanwhile, Donald Trump has announced a special guest for his rally in the state. Many speculate that RFK will support Trump.

Bitcoin Will Explode If Trump Wins Election – Tom Lee Well-known Bitcoin permabull Tom Lee, also a renowned analyst, believes that the cryptocurrency market and BTC will rise if Donald Trump wins the US presidential election.

CEO Richard Teng Reveals Binance’s Hiring Drive: 700-Person Compliance Team by 2024 Binance CEO Richard Teng revealed that Binance is looking to onboard 200 members by the end of 2024. This highlights the the company’s efforts to comply with international regulations.

McDonald’s Instagram hacked to promote Solana-based scam meme currency ‘Gimace’. The official McDonalds Instagram account was hacked. Scammers used it to promote a memecoin called Grimace – the famous purple McDonald’s character. They managed to steal over $700,000 from Solana.

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

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