This week has been packed with significant developments in the world of crypto news. From Bitcoin’s struggles amid global economic concerns and Telegram founder Pavel Durov speaking out for the first time since his arrest to the U.S. elections shaking up the crypto scene, and a European bank launching $EURI. Dive into the key crypto news that shaped this week.
Bitcoin Struggles Amid Economic Concerns
Bitcoin had a tough week, dropping by 9%, largely because of economic worries around the world. Global stock markets also fell after comments from the Bank of Japan about possible interest rate hikes, which made investors nervous. As a result, Bitcoin’s price hovered around €51,000, struggling to go higher.
September is historically a difficult month for Bitcoin, often referred to as “Rektember*” due to past losses. Some experts believe it might drop further to €50,000 or even €48,500 before bouncing back. However, there’s also hope for a recovery, with some predicting a rise to €58,500 or even €61,000 this month.
A lot depends on upcoming events like the U.S. Labor Day jobs report and the Federal Reserve’s meeting, which could impact Bitcoin’s price. Long-term investors remain confident, and some analysts think Bitcoin might break out of this sluggish phase in October.
* Rekt is crypto slang for wrecked. It refers to someone who has experienced a heavy financial loss due to a poor investment or trade. It could also refer to an asset that has lost significant value over time. However, Rekt is not the same as a complete realised loss. This is because rekt investments can still bounce back over time, bringing us to Uptober/October.
U.S. Politics and Crypto: Trump vs. Harris
Republican candidate Donald Trump has extended his lead over Vice President Kamala Harris in the race for the U.S. presidency, with Trump at 52% and Harris at 46%, according to Polymarket.
In the crypto world, Trump has previously stated that he wants to make the U.S. the “crypto capital” of the world. His campaign has sparked interest among crypto investors, especially after his family members’ X accounts (formerly Twitter) were hacked and used to promote a fake Solana-based memecoin.
Meanwhile, Harris has received support from Ripple’s co-founder, Chris Larsen, as well as other business executives. Both candidates are expected to discuss their crypto-related policies during the highly anticipated debate on September 10.
Telegram’s Pavel Durov Speaks Out After Arrest
Pavel Durov, the founder and CEO of Telegram, broke his silence following his arrest and release in France. The charges against Durov involve accusations of enabling illegal activity on Telegram, including money laundering and other illicit activities that allegedly occurred on the platform.
In his statement, Durov criticized the French authorities, accusing them of overreach and claiming that Telegram has always followed strict rules to remove illegal content. Durov emphasized that Telegram does not operate in regions that cannot meet its high standards for privacy and security. He defended the platform’s policies, stating that they take significant steps to ensure Telegram remains safe for users.
However, Durov’s arrest and the ongoing investigation have raised concerns in the tech and crypto communities. Telegram plays a vital role in the crypto world, serving as a communication hub for countless projects and users. This situation has sparked debates about whether governments are intensifying their efforts to regulate digital platforms, particularly those linked to cryptocurrencies.
Banking Circle Launches $EURI
Last week, we reported on Binance listing the MiCA-compliant $EURI, and now the project has taken another step. Banking Circle, a licensed bank based in Luxembourg, has officially launched $EURI, making it the first bank-issued stablecoin in the EU to fully comply with MiCA regulations.
$EURI is now the first e-money token issued by an EU-regulated bank, available on the Ethereum and BNB Smart Chain networks. The stablecoin will be subject to transaction monitoring and risk assessment to detect fraud and mitigate potential risks.
While $EURI is initially available on Binance, it is expected to be listed on other top crypto exchanges soon. This move represents a significant shift in how traditional financial institutions are integrating with the crypto world, as regulated stablecoins continue to grow in importance.
This week has been packed with major events in the crypto news world, from Bitcoin’s struggles to political developments and new stablecoins. Stay tuned as we continue to track these trends and their impact on the cryptocurrency landscape. If you missed last week’s crypto news, be sure to check it out here to stay fully informed.
