Key Insights:

• Bitcoin hits $64K as Fed hints at rate cuts, sparking bullish momentum across the crypto market and boosting investor confidence.
• RFK Jr. backs Trump, shaking up U.S. politics and gaining crypto industry support for potential regulatory clarity under a Trump presidency.
• Kraken’s legal battle with the SEC intensifies as a judge allows the lawsuit to proceed, highlighting ongoing regulatory scrutiny of crypto exchanges.

The price of Bitcoin experienced a notable rise, surpassing the $64,000 mark following optimistic market reactions to recent remarks by US Federal Reserve Chair Jerome Powell. In his speech, Powell suggested that the central bank might consider adjusting its monetary policy, including potential rate cuts, as inflation continues to show signs of easing. This indication of possible future rate cuts provided a boost to the cryptocurrency market, driving Bitcoin’s value up by 8% over the past week.

At its highest point, Bitcoin reached $64,853 before experiencing a slight correction. As of the latest data, the cryptocurrency is trading at $64,191. Ethereum and other altcoins followed suit, with Ethereum’s price increasing by 4.1% to $2,792. The bullish trend in the market is largely attributed to Powell’s comments, which were interpreted as a signal of a more accommodative monetary policy in the near future.

RFK Jr. Withdraws From Presidential Race, Endorses Trump

In a surprising turn of events in the US political landscape, Robert F. Kennedy Jr. announced his withdrawal from the presidential race, choosing instead to endorse Donald Trump for the upcoming November elections. Kennedy’s decision comes amid growing criticism of Democratic nominee Kamala Harris and has bolstered Trump’s campaign, which has already been gaining momentum.

Kennedy’s endorsement has been particularly well-received within the cryptocurrency community, where Trump has garnered significant support. Many industry leaders see Trump’s potential presidency as a path toward clearer regulatory frameworks for digital assets. This political development comes at a time when Bitcoin and other cryptocurrencies are experiencing increased adoption, with spot Bitcoin ETFs playing a major role in driving the market to new highs earlier this year.

Ongoing Legal Battle Between Kraken and the SEC

The legal dispute between the United States Securities and Exchange Commission (SEC) and cryptocurrency exchange Kraken remains in the spotlight. Recently, a US judge denied Kraken’s motion to dismiss the SEC’s lawsuit, which alleges that the exchange offered unregistered securities. The decision to allow the case to proceed has sparked diverse reactions across the industry, with many watching closely to see how the situation will unfold.

Despite the setback, Kraken’s Chief Legal Officer, Marco Santori, took to X (formerly known as Twitter) to express confidence in the exchange’s position. Santori noted that the court ruling clarified that none of the assets traded on Kraken are considered securities, a point of contention in the ongoing regulatory debate. The case is part of a broader trend of increased regulatory scrutiny on cryptocurrency exchanges in the United States, as authorities seek to enforce compliance with existing financial regulations.

Stablecoin Industry Sees Continued Growth and Expansion

The stablecoin sector continues to expand, with several key developments occurring in recent days. Tether, the issuer of the popular USDT stablecoin, announced plans to introduce a new stablecoin pegged to the UAE Dirham. This move is seen as a strategic effort to boost cryptocurrency adoption in the Middle East, where interest in digital assets is steadily growing.

In other developments, Russia revealed plans to launch two new cryptocurrency exchanges and a stablecoin potentially tied to the Chinese Yuan. This initiative is part of the country’s broader strategy to integrate digital currencies into its financial system. 

Meanwhile, in Japan, DMM Group’s crypto arm has partnered with Progmat Inc. to develop a stablecoin that complies with the country’s regulatory framework, signaling further maturation of the stablecoin market in Asia.