Crypto Markets Turn Red Despite BoE’s Interest Rate Cut and Donald Trump’s Reaffirmed BTC Support: This Week’s Crypto Recap

2 months ago 39

All eyes in the cryptocurrency community were on the Bitcoin Conference in Nashville last weekend as the former US president and current Republican candidate, Donald Trump, was expected to appear.

Once he took the stage, the crypto markets went on a wild rollercoaster with tons of volatility due to some of his promises, such as to make the US the ‘digital asset capital of the world’ as well as to remove SEC Chair Gary Gensler from his post immediately after retaking the office.

Once the dust had settled after the conference, BTC headed north once again on Monday and touched $70,000 for the first time in almost two months. However, it couldn’t sustain its run and quickly dumped by four grand. The price declines continued in the following few days, culminating yesterday with a drop to $62,200, which became its lowest price position in 16 days.

This came even as the Bank of England joined the Bank of Canada and the ECB in lowering the interest rates, a move, which is typically seen as bullish for risk-on assets like crypto.

Since that low, bitcoin has been unable to calm in one spot. Just the opposite, it pumped to $65,600, dropped to $63,500, and now sits at around $65,000 after a few more fluctuations.

The entire market sentiment on a weekly scale is quite painful. Bitcoin has lost over 4% of its value, while ETH is down by just under 4%. Even more violent declines are evident from SOL (-11%), DOGE (-10%), ADA (-8%), TRX (-8%), AVAX (-12%), and LINK (-8%).

Market Data

Market Cap: $2.4T | 24H Vol: $112B | BTC Dominance: 53.1%

BTC: $64.871 (-4.4%) | ETH: $3,128 (-3.6%) | BNB: $571 (-1.3%)

This Week’s Crypto Headlines You Better Not Miss

Donald Trump Says Bitcoin Will Likely Overtake Gold. Donald Trump spoke at the Bitcoin 2024 conference in Nashville last weekend. He said that he wants the United States to become the crypto capital of the world and shared his belief that Bitcoin is capable of overtaking gold at some point.

Bank of England Follows Europe and Canada by Cutting Interest Rates, Will the Fed Join? Following in the footsteps of the European Central Bank, the Bank of England also decreased interest rates for the first time in four years. The BoE cut the rates from 5.25% to 5% earlier this week.

New Bitcoin Act Legislation Aims to Establish US Cryptocurrency Stockpile. Pro-crypto senator Cynthia Lummis submitted a bill aimed at creating a national Bitcoin stockpile to the Senate. The legislation is called Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024, also known as BITCOIN.

Goldman Sachs CEO Predicts Bitcoin Could Rival Gold as a Store of Value. The CEO of Goldman Sachs – David Solomon, has predicted that Bitcoin could eventually rival gold as a store of value. The executive joins the likes of former president Trump who also seem to be sharing this notion now.

BlackRock Solana ETF Not Happening Anytime Soon, CIO Confirms. Many in the cryptocurrency community have speculated that BlackRock will eventually be filing for a spot Solana ETF following the approval of their applications for spot BTC and ETH exchange-traded funds. The CIO of the firm, however, confirmed that they have no plans to do this anytime soon.

SEC Plans to Amend Binance Complaint, Avoiding Ruling on Third-Party Crypto Asset Securities. The US Securities and Exchange Commission wants to amend its complaint against Binance. More precisely, it wants to avoid a ruling on third-party crypto assets such as Solana, Cardano, COTI, and others, after it claimed that they were securities.