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Highlights
- Bitcoin encounters volatility this week.
- Macroeconomic factors present the broader market with turbulence.
- A look into Harris vs Trump's saga.
The crypto universe has concluded another week with remarkable developments unfolding across the broader market. Amid the ongoing U.S. presidential election buzz, the cryptocurrency prices witnessed quite the volatility. Bitcoin slipped from a $68K level to a slumping $60K low over the past seven days. Meanwhile, the altcoin market has mainly followed this turbulent movement.
Here’s a collection of some of the hot crypto market updates reported over the past week.
Crypto Market Tackles Turbulence
Notably, recent economic events have presented the flagship crypto with quite the uncertainty. This week saw the Federal Reserve keeping the interest rates unchanged once again, raising investor concerns while also impacting markets.
Moreover, the release of U.S. jobs data has brought further volatility to the broader industry. The U.S. unemployment rate came in hot at 4.3% for July, crossing expected 4.1%. Further, the nonfarm payrolls unveiled that only 114,000 jobs were added in July. Collectively, these macroeconomic factors appear to have impacted the cryptocurrency prices this week.
Meanwhile, Bitcoin bore the brunt of massive liquidations amid its price volatility. Also, Fidelity International launched a Bitcoin ETP on the LSE (London Stock Exchange).
Also Read: Terra LUNA Classic Votes On Major Tax2Gas Proposal, LUNC To $0.0001?
Trump Vs. Harris Saga
In the interim, this week saw noteworthy developments in the ongoing rivalry between Republican Donald Trump and Democratic Kamala Harris. Notably, Harris‘ rebranded approach as a crypto-friendly candidate appears to have garnered significant attention among market participants. Subsequently, the Vice President’s winning odds also gained considerable weight.
Nonetheless, Donald Trump has finally agreed to debate with Kamala Harris on Fox News. The debate is set to take place on September 4 and could bring a paradigm shift in the presidential candidates’ winning odds. Also, Donald Trump Jr. has taken the stage to challenge Harris to debate his father on Fox News.
Additionally, this week saw Trump launching Bitcoin-themed sneakers as a part of his 2024 presidential election campaign. It’s also worth noting that the Republican bagged noteworthy amounts of BTC in the Bitcoin conference.
Other news from around the globe included WazirX‘s 55/44 approach facing backlash from the community. Moreover, Cathie Wood’s Ark Invest initiated a colossal COIN stock selloff amid Coinbase Q2 earnings.
Also Read: Riot Exec Reveals How Bitcoin Strategic Reserve Can Aid US Economy
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- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
