Crypto prices plummet, Trump vs. Harris Developments and more: This week’s roundup

The total cryptocurrency market capitalization has declined by more than $110 billion over the past seven days. This continues the broader negative trend that has engulfed the industry in recent months, pushing its capitalization closer to $2 trillion.

Naturally, the decline is due to a disappointing performance on behalf of Bitcoin and most altcoins. Starting with BTC, its price fell by a considerable 8% last week and is currently struggling to hold the important $55,000 level.

It’s safe to say that BTC price action has been nothing short of tumultuous over the past seven days, with the bulls failing to win. It wasn’t for lack of trying, though. They attempted to break above $60,000 on September 3, but the sellers reappeared very quickly and took Bitcoin up to $56,000.

Buyers attempted a rally above $58,000, but to no avail. Today, the sellers took complete control and are currently trying to break above $55,000.

But that’s not even the most interesting thing.

Ethereum is also down 8%, as is BNB, Solana and many other large-cap cryptocurrencies. Others, such as TON, Cardano, Chainlink and Aptos, have it even worse, with charts of declines of more than 12%.

Interestingly, Bitcoin’s dominance, the metric that tracks its share of the entire market, remained more or less the same. This means that both Bitcoin and altcoins have declined similarly.

Elsewhere, the US political scene is heating up. Donald Trump recently stated that he intends to cut the corporate tax rate to 15% (from the current 21%) while creating a “government efficiency commission” that would be headed by Tesla boss Elon Musk.

Kamala Harris, on the other hand, received strong support from several corporate leaders. One of the names there raised a few eyebrows: Chris Larsen, the co-founder of Ripple. Others who signed the letter of support included the CEOs of Yelp, Box, Snap and more.

In any case, the cryptocurrency market is heating up, albeit on the downside, and if one thing is certain, it’s that exciting times are ahead!

Market data

Market Cap: $2,024 | 24 Hour Flight: $91 Million | BTC Dominance: 53.4%

BTC: $54,723 (-8%) | ETH: $2,317 (-8.4%) | BNB: $496 (-8.7%)

Source: Quantify Crypto This week’s unmissable crypto news

Donald Trump wants to make Elon Musk head of the “Government Efficiency Commission”. Donald Trump, the favorite of the Republican Party for the next president of the United States, recently said that he intends to reduce the corporate tax in the country to 15% (from the current 21%). He also promised to create a “government efficiency commission,” headed by Elon Musk.

Ripple co-founder endorses Kamala Harris for US president. Vice President Kamala Harris received a strong endorsement from 88 corporate leaders in a letter of support this week. One of the signatories was Chris Larsen, the co-founder of Ripple.

Polygon begins transition from MATIC to POL – here’s what you need to know. Polygon went through a massive upgrade this week, marking the transition from the MATIC token to the POL. The new “hyperproductive” token is already available on the mainnet and users may need to make the transition, although there is no set deadline.

These social narratives have been driving crypto markets recently. Check out some of the hottest social media narratives that have been making waves in the cryptocurrency industry over the past few weeks.

Bitcoin L2 Core Launches Liquid Staking for BTC. The Core Foundation recently announced that it will launch a BTC-backed liquid stake token. The move will take place on the Core network, which is also a layer two of BTC.

Bitcoin Runes Surpasses 50 Million Signups In Less Than Five Months – ITB. Data from a popular analytics company reveals that Bitcoin Runes has managed to surpass more than 50 million sign-ups in less than five months after its launch.

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

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