Crypto prices rally on major political developments in the US: This week’s recap

It's been an exciting seven days for the cryptocurrency market, which has gained over $100 billion during that period. In a breath of fresh air, we're finally seeing some meaningful signs of recovery after weeks of turmoil and depressing price action.

The total capitalization is currently just under $2.3 trillion and is due to the predominantly positive performance of most cryptocurrencies.

Bitcoin price has made an exceptional 5.2% gain over the past week and is currently testing the $61,000 mark. The leading cryptocurrency even rose above $62,000 for a brief moment, but bears were quick to intercept and push the price back. Either way, this is good news for long traders, as BTC was trading at around $58,000 this time last week.

For anyone wondering: Yes, there are specific reasons for this increase.

First of all, the administration of US presidential candidate Kamala Harris recently announced that it will introduce measures to support the growth of the industry. However, keep in mind that she has said this in the past and there is no mention of “bitcoin” or “crypto” in her 92-page manifesto.

At the same time, Robert Kennedy – the leading independent candidate – has ended his campaign in Arizona, and many suspect that he will endorse Donald Trump. This was hinted at by his running mate – Nicole Shanahan – in an interview earlier this week. In any case, an endorsement from Kennedy could strengthen Trump's chances in the race against Harris, and the crypto community seems to agree that this will be the better choice.

More importantly, Federal Reserve Chairman Jerome Powell said today that it is time to cut interest rates.

The US stock market and BTC viewed this as positive and prices skyrocketed in response.

It will be interesting to see if this momentum continues in the coming months, especially with the upcoming US elections.

Market data

Market cap: $2.27 trillion | 24-hour volume: $76 billion | 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 rises sharply after Fed chairman promises rate cuts in September. Federal Reserve Chairman Jerome Powell said it was time for the country to start cutting interest rates. Markets soared in response, with the S&P nearly hitting new highs.

RFK withdraws from the race in Arizona, Donald Trump announces special guest for his rally. Robert Kennedy Jr. will withdraw from the ballot in Arizona. Donald Trump has meanwhile announced a special guest for his rally in the state. Many speculate that RFK will support Trump.

Bitcoin will explode if Trump wins the election: Tom Lee. Well-known Bitcoin permabull Tom Lee, who is also a renowned analyst, believes that the cryptocurrency market and BTC will experience a boom if Donald Trump wins the presidential election in the United States.

CEO Richard Teng announces Binance's hiring drive: 700-strong compliance team by 2024. Binance CEO Richard Teng announced that Binance aims to bring 200 members on board by the end of 2024, highlighting the company's efforts to comply with international regulations.

McDonald's Instagram was hacked to promote the Solana-based fraudulent meme coin “Grimace”. McDonald's official Instagram account was hacked. Scammers used it to promote a memecoin called Grimace – McDonald's famous purple character. They managed to steal more than $700,000 in Solana.

Diagrams

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