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This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
Federal Reserve Chair Jerome Powell has indicated that the time has come for an easing in monetary policy. Powell’s remarks came after the Federal Reserve’s series of aggressive interest rate hikes aimed at controlling inflation, which peaked at 40-year highs in 2022.
He acknowledged that while these measures have shown some success in tempering price increases, the Fed now faces the complex task of fine-tuning its policies to avoid pushing the economy into a recession. The speech immediately affected financial markets, with cryptocurrencies surging as well.
Meanwhile, former President Donald Trump has teased a new crypto project called “The Defiant Ones” on his Truth Social platform. The project appears to be a family-run decentralized finance (DeFi) initiative.
Crypto Markets Surge as Fed Indicates Easing Monetary Policy
“The time has come” for the US Federal Reserve to cut interest rates, Powell said in his keynote address at the Kansas City Fed Jackson Hole Symposium. “My confidence has grown that inflation is on a sustainable path back to 2 percent,” he said.
In the minutes following the release of his speech, Bitcoin added more than 1% to $61,900. The leading cryptocurrency is trading at around $64,200, up more than 5% over the past day.
#BREAKING: The “time has come” for interest rate cuts, Federal Reserve Chairman Jerome Powell indicated at the Fed’s annual symposium in an eagerly awaited address. Here's what it means for your wallet.
Read more: https://t.co/H17BlItTg2 pic.twitter.com/0UEGZr8J2d— Forbes (@Forbes) August 23, 2024
‘Time has come’ for US Federal Reserve to cut interest rates, says Powell (The Guardian)
Trump Promotes New Crypto Project
Former president Donald Trump has promoted a soon-to-launch Trump Organization crypto platform, “The DeFiant Ones,” to his 7.5 million followers on Truth Social. “For too long, the average American has been squeezed by the big banks and financial elites,” Trump wrote. “It’s time we take a stand — together.”
Donald Trump Confirms Arrival of New Crypto Platform (Techopedia)
Robert F. Kennedy Jr. Ends His Presidential Campaign
Robert F. Kennedy Jr. ended his campaign for the U.S. presidency and decided to support Donald Trump. Kennedy said he’s joining Trump’s campaign and potential second administration, with whom he hopes to work on several issues central to RFK Jr.’s public life.
Robert F Kennedy Jr suspends campaign and backs Trump (BBC)
Bitcoin Mining Represents $74B Opportunity
Based on current prices, JPMorgan estimates that the remaining 1.3 million Bitcoins left to be mined represent a $74 billion opportunity. The figure underscores the significant potential in the Bitcoin mining industry despite challenges such as block reward halving, which reduces miner revenues.
Bitcoin Mining Opportunity Is Worth About $74B, JPMorgan Says (CoinDesk)
Australia Wins Legal Case Against Kraken Operator
Australia’s securities regulator, ASIC, won a significant legal case against Bit Trade Pty Ltd, the local operator of Kraken. The court ruled that Bit Trade violated Australian law by offering a margin extension product to retail clients without determining the appropriate target market.
Australian Court Rules Kraken Violated Regulatory Requirements (Techopedia)
OmegaPro Co-Founder Arrested in Turkey
Andreas Szakacs, co-founder of the now-defunct OmegaPro platform, has been arrested in Turkey. He is facing serious allegations of defrauding investors in what authorities believe to be a $4 billion Ponzi scheme. Szakacs is accused of luring investors with promises of substantial returns through OmegaPro’s “automated trading” algorithm.
OmegaPro Co-Founder Arrested in Turkey for Alleged $4 Billion Crypto Ponzi Scheme (99Bitcoins)
Australia Takes Down 600 Fraudulent Crypto Sites
The Australian Securities and Investments Commission (ASIC) has taken down over 600 fraudulent sites in the past year. The effort is part of a broader initiative to curb online investment fraud, which has dismantled over 7,300 phishing and scam websites.
Australia’s Financial Watchdog Takes Down Over 600 Crypto Scams in Last Year (Cryptonews.com)
OTC Trading Desks Hold 368k BTC
Over-the-counter (OTC) trading desks for cryptocurrencies have accumulated a significant amount of Bitcoin, reaching 368,000 BTC, valued at over $22 billion. This marks the highest level of Bitcoin held by OTC desks since June 2022.
Bitcoin OTC Desk Balances Soar to Two-Year Peak (CryptoQuant)
Crypto Emerges as Major Player in 2024 Elections
In the 2024 election cycle, the cryptocurrency industry has emerged as a major player in political contributions, accounting for nearly half of all corporate spending. The substantial financial influence is channeled mainly through political action committees (PACs) and represents a sharp increase compared to previous election cycles.
Major crypto companies and related PACs like Fairshake have directed large sums towards influencing elections, amounting to $119 million, about 48% of all corporate donations this cycle.
Public Citizen just released a must-read report on the cryptocurrency industry’s spending this election cycle: https://t.co/PF3klGAxy7
Nearly half of all corporate money contributed this cycle has come from cryptocurrency backers! pic.twitter.com/gOUULr3mxP
— Molly White @ XOXO (@molly0xFFF) August 21, 2024
Crypto industry accounts for almost half of corporate donations in 2024 election, report says (CNBC)
BlackRock’s ETH ETF Surpasses $1 Billion
BlackRock’s iShares Ethereum Trust (ETHA) has become the first U.S.-based spot Ethereum exchange-traded fund (ETF) to accumulate over $1 billion in net inflows. Still, it has not matched the explosive early growth seen in BlackRock’s Bitcoin ETF, which also reached the $1 billion mark but did so more rapidly.
BlackRock’s Ethereum ETF Hits $1 Billion in Net Gains, Nearly Tripling Fidelity (Decrypt)
Germany Seizes 13 Crypto ATMs
Due to non-compliance with regulatory standards, the German financial regulator BaFin recently conducted a significant operation, seizing 13 cryptocurrency ATMs across 35 locations. These ATMs were operating without the necessary licenses.
Germany seizes almost 250,000 euros in cash in crypto ATM sting (Reuters)
