Highlights
- Bitcoin encountered volatility amid massive on-chain movements and macroeconomic events.
- The Trump vs Harris saga favors the Democratic VP.
- Other key events that echoed a buzz this week.
Crypto news of the week: The digital assets realm concluded another week with attention-nabbing developments witnessed across the broader market. Primarily, Bitcoin stole the spotlight this week, battling market turbulence amid macroeconomic events. Further, the ongoing U.S. presidential campaigns saw new developments in Trump’s and Harris’ rivalry.
Other key market events encompass Ripple’s lawsuit developments and numerous other global developments. Here’s a collection of some of this week’s top headlines that have echoed a bustle among market participants.
Crypto News Headlines This Week
Bitcoin’s (BTC) Chronicles
The flagship cryptocurrency saw a highly volatile trading session over the past week. This is primarily attributable to on-chain movements and macroeconomic events.
According to the U.S. Bureau of Labor Statistics, the U.S. consumer price index (US CPI) inflation cooled to 2.9% this week, igniting investor optimism. However, Bitgo wallet shifted a whopping $1.97 billion worth of Mt Gox’s BTC holdings, signaling creditor repayment plans. This presented the coin with quite the turbulence in the past seven days.
In the interim, Japan’s Metaplanet bought more BTC this week, adding to contrasting market sentiments. Simultaneously, El Salvador disclosed plans for a whopping $1.6 billion investment to promote the development of the proposed Bitcoin City.
Also, Marathon Digital announced plans to acquire more BTC this week, offering $250 million of convertible senior notes that promptly became oversubscribed. On the other hand, Bitcoin options expiry added to sentiments of easing volatility across the broader market. On Friday, August 16, 24,000 BTC options expired with a put call ratio of 0.83, a notional value of $1.4 billion.
The above mentioned crypto news has presented Bitcoin with mixed market sentiments in the past seven days. However, it’s also worth noting that the coin showed signs of recovery as the week ended, holding above $59K.
Trump vs. Harris Developments
Meanwhile, the Democratic Party Vice President Kamala Harris’ winning odds overshadowed Republican Donald Trump this week. According to the NY Times, the latest poll results show that Harris’ winning bets stood at 49%, whereas Trump’s stood at 47%. This recent shift of tide in the Democratic Party’s favor has sparked significant discussions nationwide.
Despite Trump’s recent interview with the American entrepreneur Elon Musk, the poll results have considerably overshadowed the Republican. Also, it’s worth mentioning that Musk extended an invitation to Kamala for an interview, which was never responded. Nonetheless, the Democratic VP currently dominates the ongoing presidential campaign, as mentioned above.
On the other hand, the Republican presidential candidate returned to X this week, releasing a new ad amid the ongoing presidential campaign. These developments have added a new layer of intrigue to the U.S. presidential elections.
Other Key Crypto News This Week
Meanwhile, Franklin Templeton filed for a Crypto Index ETF this week, encompassing Bitcoin and Ethereum. Further, Coinbase and KuCoin applied for licenses in Turkey.
In the aftermath of an exploitation attack, WazirX shifted its assets to new multisig wallets, withdrawing it from a custodian. Moreover, Grayscale expanded its crypto portfolio, revealing a new MakerDAO Trust this week. Lastly, Judge Torres’ final ruling in the XRP lawsuit set stage for the ‘Ripple Test,’ making another buzzworthy crypto news this week.
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