The digital assets space wrapped up another eventful week, marked by significant developments that captured the attention of market participants. Bitcoin took center stage, facing market volatility driven by macroeconomic factors. Meanwhile, the ongoing U.S. presidential race saw new twists in the rivalry between Trump and Harris.
Key highlights of the week include updates on Ripple’s lawsuit and other global crypto events. Here’s a recap of the top headlines that resonated across the market this week.
Bitcoin’s Rollercoaster Week
Bitcoin experienced a highly volatile trading week, largely influenced by on-chain activities and broader economic events.
The U.S. Bureau of Labor Statistics reported a cooling in the U.S. Consumer Price Index (CPI) inflation to 2.9%, sparking optimism among investors. However, turbulence arose when Bitgo moved $1.97 billion worth of Mt. Gox’s BTC holdings, signaling creditor repayments. These events contributed to the cryptocurrency’s instability over the past week.
In contrast, Japan’s Metaplanet increased its Bitcoin holdings, adding to the mixed market sentiments. El Salvador also announced a significant $1.6 billion investment to support the development of its proposed Bitcoin City.
Meanwhile, Marathon Digital revealed plans to acquire more BTC, issuing $250 million in convertible senior notes that quickly became oversubscribed. Additionally, Bitcoin options expiry on Friday, August 16, added to the market’s fluctuating sentiments, with 24,000 BTC options expiring at a notional value of $1.4 billion.
Despite the volatility, Bitcoin showed signs of recovery as the week closed, maintaining a position above $59K.
Trump vs. Harris: A Presidential Showdown
In the political arena, Vice President Kamala Harris of the Democratic Party edged ahead of Republican Donald Trump in this week’s polling. According to the New York Times, Harris’s odds of winning stood at 49%, slightly ahead of Trump’s 47%. This shift in favor of the Democrats has sparked widespread debate.
Despite Trump’s high-profile interview with Elon Musk, the poll results have brought Harris into the spotlight. Notably, Musk extended an invitation for an interview with Harris, but she did not respond. As of now, Harris leads the presidential race as the campaign heats up.
Trump, on the other hand, returned to X (formerly Twitter) this week, releasing a new campaign ad. These developments have added a fresh layer of intrigue to the 2024 U.S. presidential election.
Other Noteworthy Crypto Events
Elsewhere in the crypto world, Franklin Templeton filed for a Crypto Index ETF this week, including Bitcoin and Ethereum. Additionally, Coinbase and KuCoin applied for licenses in Turkey.
Following a recent security breach, WazirX moved its assets to new multisig wallets, withdrawing them from a custodian. Grayscale also expanded its crypto offerings by unveiling a new MakerDAO Trust. Lastly, Judge Torres’ final ruling in the XRP lawsuit set the stage for the ‘Ripple Test,’ making it one of the most talked-about crypto news stories this week.
