Here’s this week’s top news, laid out in a simple, beginner-friendly way to keep you informed without being overwhelmed.
This week has been full of action in the crypto world; With minor Bitcoin movements, optimistic views for the coming month and developments in legal battles and political movements. Read what marked the past crypto week.
Why Bitcoin Moves Could Get Exciting in September
This week, Bitcoin’s price stayed steady, trading between €52,500 and €55,500. After the U.S. Federal Reserve shared updates on August 21, traders became more confident, leading to a $1.3 billion increase in Bitcoin investments.
Although Bitcoin has been below a key price level for two weeks, it has risen back above €54,000, showing that long-term investors still believe in a potential price increase. Bitcoin miners, who had been selling earlier this year, are now slowing down their sales, which could help keep the price stable.
With plenty of money in the market, Bitcoin might see a price rally. If it goes above €55,500, we could see a strong upward trend in September.
Binance Faces New Legal Woes
Binance is once again in the legal spotlight as multiple individuals have filed a class action lawsuit against the exchange and its founder, Changpeng Zhao (CZ), accusing them of enabling money laundering. On August 22, sources confirmed that Zhao, who is currently in custody, has been moved to a halfway house, signaling his imminent release from prison.
This development adds to the mounting legal challenges faced by Binance, which has been under scrutiny by regulators worldwide for various allegations, including potential violations of securities laws and inadequate compliance with anti-money laundering protocols.
Kraken v. SEC to Proceed
In a significant legal development, a U.S. District Judge last week rejected Kraken’s motion to dismiss the SEC’s charges against the crypto exchange. This ruling means that the securities lawsuit against Kraken will move forward, keeping the exchange under the regulatory spotlight. The case stems from allegations that Kraken offered unregistered securities to U.S. investors, which the SEC argues violates federal securities laws.
Trump vs. Harris
On August 19, legacy media reported growing speculation that Democratic candidate Kamala Harris might nominate SEC Chair Gary Gensler for the role of Treasury Secretary if she wins the upcoming presidential elections. This speculation has raised concerns within the crypto industry, particularly regarding her stance on digital assets.
In response, Harris’ team reassured the public last week that she would support policies promoting the growth of emerging technologies, including cryptocurrency. Meanwhile, her Republican opponent, former President Donald Trump, has regained a lead over Harris on Polymarket, a popular platform for crypto bettors. At the last check, both candidates were neck and neck, each with 49%.
Trump’s $12M in Ethereum and NFT Profits
Former President Donald Trump disclosed holding up to $5 million in Ethereum and reported earnings of over $7 million from his NFT ventures. Trump’s Ethereum assets, stored in a cold wallet, are estimated to be around $3.6 million, both in ETH and wrapped ETH.
Additionally, Trump earned $7.15 million in licensing fees his NFT collections, including the “Mugshot” edition and two series of Donald Trump Trading Cards. These NFTs are sold under a licensing agreement that allows the use of Trump’s name and likeness.
Trump’s stance on digital assets has evolved significantly, with crypto now a key focus of his re-election campaign. He has pledged to establish a national Bitcoin reserve and promote pro-crypto policies, which could have a considerable impact on the market, particularly Bitcoin, if he wins a second term.
Bitcoin Dominance Rises as Long-Term Investors Grab & Hold
Bitcoin’s market dominance has risen to 56%, the highest since April 2021, showing that investors are becoming more confident. A recent report shows that long-term Bitcoin holders are continuing to buy and keep their coins, even during market ups and downs. This trend suggests that more people are holding onto their Bitcoin rather than spending it.
As Bitcoin’s dominance grows, it could impact the wider crypto market, potentially driving overall growth. Factors like possible interest rate cuts by the U.S. Federal Reserve and a favorable political climate are also helping Bitcoin’s rise. Upcoming discussions about making Bitcoin a U.S. reserve asset could further boost its influence.
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