Crypto markets saw a strong rally last week as bets on a possible rate cut by the Federal Reserve in September surged. Bitcoin approached the $65,000 level over the weekend, and Ethereum traded at $2,800. Now, the focus has shifted to the upcoming U.S. PCE data, which will provide further clues on the country's inflationary pressures, as well as several other key events.
So let’s look at the major events and see how they might impact market sentiment in the week ahead.
Fed officials say they want to shape market sentiment
So far, recent comments from Federal Reserve officials have fueled market optimism. For context, recent comments from several officials, including a speech by Fed Chairman Jerome Powell, have suggested the U.S. central bank is leaning toward a more dovish policy stance.

Bitcoin surges as DigiHorse (DIGI) attracts high-value investors, $1 billion in newly minted USD
August 21, 2024
The cryptocurrency market is experiencing renewed bullish momentum after a period of stagnation. Over the past week, Bitcoin has shown resilience, hovering around $58,000 with minimal volatility.
However, the leading cryptocurrency has recently broken out, reaching a daily high of $61,400 on Tuesday. This is a 6.1% increase from the day’s low of $57,864.
Tether’s Latest $1 Billion in Liquidity Fuels Bitcoin’s Rally

New research from VanEck suggests that Bitcoin (BTC) miners are turning to artificial intelligence (AI) and high-performance computing.
Matthew Sigel, head of digital asset research at VanEck, said in a post on social media platform X that BTC miners are using technology to earn profits through strategic arbitrage.
“Bitcoin miners are turning to artificial intelligence and high-power computing (AI/HPC) to unlock new revenues through strategic arbitrage. We estimate that 20% of their collective capacity translates into a $38 billion NPV opportunity by 2027. (For context, the total market cap of the stocks we looked at is $19 billion).”

A widely followed crypto analyst has warned that Bitcoin (BTC) could plummet below $50,000 if it fails to hold a key support level.
Crypto trader Michaël van de Poppe told his 723,000 followers on social media platform X that Bitcoin could see another sharp drop if its immediate support levels break down.
“Bitcoin undergoing a temporary price correction Thursday night. Holding key level of support. Loss of $56,000 [on the 12-hour chart] and we could see new lows or a retest of $48,000.”

With everyone excited for the most anticipated interview between Elon Musk and Donald Trump, the billionaire will put his X platform through a final stress test on Sunday night. This suggests that Musk is expecting a major surge in activity at X Spaces on Monday at 8pm EST, the interview time. Musk has said that this will be an absolutely unfiltered interview with no restrictions on the subject.
All eyes on Donald Trump's interview
With two of the most popular figures in the United States and the world coming together for an interview, this could be the biggest X-Spaces event in the history of the social media platform. Elon Musk anticipated that this interview would be conducted online and therefore prepared in advance with his team.

Analysts Say Bitcoin Will Rally to $250,000 If This Condition Is Met
August 11, 2024 20:00 •
According to CoinMarketCap, the Bitcoin price did not see a significant increase in the last day, rising only 0.78%. After the massive collapse of global financial markets, the crypto market leader has made a strong recovery in the past week, rising 16% to a peak of $62,000. As Bitcoin currently maintains a sideways trend, crypto analyst Michaël van de Poppe revealed the possible conditions for the coin's next bullish run.
Analysts Say Bitcoin Will See a Bullish Breakout If This Price Action Occurs

This Week in Crypto Twitter: Bitcoin Takes a Hit as Trump-Themed Tokens Dump
August 11, 2024 19:01 •
Crypto Twitter crashed earlier this week as grim global economic numbers filled a sea of ​​red. After the weekend, noted Bitcoin hater Peter Schiff said to prepare for a “crypto Black Monday.”
#Bitcoin just dropped below $58k. If it gets knocked out, it's a July low by tomorrow's U.S.#StockMarketopen, and#BitcoinETFswill be down over 15% and 30% below their January highs. Losses of this magnitude could eventually trigger mass ETF liquidations. If so, get ready for#CryptoBlack Monday.

Analytics firm IntoTheBlock said deep-pocketed investors saw Bitcoin’s last week’s correction to lows of $49,000 as an opportunity to gobble up BTC.
IntoTheBlock said Bitcoin saw a net outflow of $1.7 billion from crypto exchanges in a week.
The analytics firm defines net outflows as the number of coins leaving crypto exchanges minus inflows, or withdrawals minus deposits. The metric suggests that Bitcoin investors have accumulated more than $1.7 billion in BTC during last week’s drop, taking into account deposits being subtracted from the data.
Last week’s net outflows were the largest in more than a year, according to IntoTheBlock.

Kraken returns Bitcoin to Mt. Gox customers 10 years after hack
July 24, 2024 08:20 •
Kraken said Tuesday it had “successfully distributed” bitcoin and bitcoin cash to customers entangled in the hack that shut down former Japanese exchange Mt. Gox a decade ago.
“It has been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of customer funds. This is our privilege, and our duty,” Kraken CEO Dave Ripley said in a statement to X.
It is unclear how much Kraken has returned to Mt. Gox clients as part of its role. Kraken did not immediately respond to a request for comment.

According to Coinshares, this inflow trend is not isolated to one specific cryptocurrency, but rather is broadly distributed across a variety of digital assets.
Major asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares all reported significant inflows, the report showed.
Which crypto asset led to the charges?
As expected, most investment still went into Bitcoin, with Ethereum and other altcoins making decent contributions.
According to the report, Bitcoin saw inflows of approximately $1.27 billion last week, with short-term Bitcoin exchange-traded products (ETPs) seeing further outflows of $1.9 million, bringing outflows since March to $44 million.

Billionaire Elon Musk recently sparked a wave of market speculation by predicting that the United States is heading towards bankruptcy. His comments came in response to Dogecoin co-founder Billy Markus (aka Shibetoshi Nakamoto), who criticized the US government's financial management. This latest prediction complements Musk's earlier warnings about the United States' fiscal future.
Elon Musk predicts US will go bankrupt
In a recent post on X, Billy Markus shared an update from economist E.J. Antoni that highlighted a worrying statistic: “Interest on the federal debt equals 76% of all personal income taxes collected in June.” This means that a large portion of the Treasury’s largest revenue source is consumed by interest payments on the national debt.

US amicus brief criticizes SEC’s power to regulate cryptocurrencies
An amicus brief filed by Iowa Attorney General Brenna Bird claims that the United States Securities and Exchange Commission (SEC) has exceeded its authority in regulating the cryptocurrency industry.
The brief, which is backed by Arkansas, Indiana, Kansas, Montana, Nebraska and Oklahoma, claims the SEC’s “power grab” is stifling innovation in the industry. It warns that the regulator’s approach could preempt state laws that are essential to implementing adequate protections. Attorney General Byrd said in a release:

Bitcoin hits $68,000 after China’s unexpected rate cut
July 22, 2024
Bitcoin took a brief dive on Sunday after U.S. President Joe Biden announced he would not seek a second term. BTC’s drop led to the liquidation of $159 million worth of futures contracts, according to Coinglass.
But the pain was short-lived. The bitcoin price has now climbed back above where it was before the drop, briefly touching $68,000 early Monday morning. In fact, it’s up $68,480.36.
At the time of writing, Bitcoin has recovered to $67,284.98, but its trading volume is still 0.4% higher than this time yesterday, according to Coingecko data. Moreover, compared to the same period last week, BTC is up 7%, with a trading volume of $30.2 billion in the past 24 hours.

DAIM CEO explains how Trump’s pro-crypto stance could propel Bitcoin to new heights
July 22, 2024
During an appearance on CNBC’s “Fast Money” on July 19, 2024, Bryan Courchesne discussed the potential impact of the Trump campaign’s positive stance on cryptocurrencies, particularly Bitcoin.
Courchesne is the founder and CEO of Digital Asset Investment Management (DAIM), a company focused on providing wealth management and retirement planning services centered around digital assets and cryptocurrencies. With a background in equity derivatives and extensive experience on the New York Stock Exchange,

Arkham transfers $487 million of ARKM to Coinbase Prime to comply with tax requirements
July 21, 2024 17:47 •
To comply with regulatory and tax requirements, Arkham withdrew 304.5 million ARKMs, valued at approximately $487.24 million, from its vesting contracts and transferred them to Coinbase Prime custody.
The sale included 115.8 million ARKM tokens, valued at $185.28 million, owned by Arkham CEO Miguel Morel, according to data on its platform.
Transferring Tokens to Coinbase Prime
Arkham previously communicated via the X social platform on July 17 and clarified that the team’s tokens must be transferred to Coinbase Prime to ensure proper tax payment and regulatory compliance starting July 18.

The crypto space has closed out another week with notable developments across the broader market. While Bitcoin has surged to staggering price levels over the past seven days, the altcoin market has generated a great deal of optimism within the wider industry.
Here's a quick rundown of some of the hottest headlines from the past week.
Bitcoin (BTC)
The flagship cryptocurrency has accumulated tremendous market optimism this week, surging to a high of $67,000. This price surge has been attributed to a plethora of reasons, including the ongoing U.S. elections, Donald Trump’s assassination attempt, and heightened institutional interest, among many other bullish aspects.

Veteran investors are accumulating Apecoin, Galaxy Fox and Sui
July 21, 2024 15:29 •
Disclaimer: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.
The crypto market is heralding a bull run, with Apecoin, Galaxy Fox, and Sui being the favorites for massive growth due to their unique features.
The crypto industry is showing signs of a bull run, with some altcoins becoming favorites among veteran investors. Apecoin, Galaxy Fox, and Sui are top picks for the best growth this year. These crypto coins have unique features and huge growth potential.
Each altcoin has its own strengths and challenges. Apecoin has a strong community and support from BAYC. However, it faces difficulties in maintaining its value. If the market recovers, Apecoin could grow substantially. Galaxy Fox is emerging as a strong player in the P2E gaming and NFT space. The combination of gaming and NFTs provides investors with multiple value streams. Sui is a newcomer with strong support and a focus on speed and efficiency. Its low transaction fees and scalability make it a good choice for developers and users.

On July 19, 2024, the "Virtual Asset User Protection Act" came into effect in South Korea. The new encryption law aims to create a safer environment for virtual asset users and establish a sound order in the virtual asset market. However, there was a direct impact on trading volumes on major South Korean crypto exchanges, including Upbit. These exchanges reported significant declines in trading volumes.
Impact on Upbit and other Korean CEXs
Founded by Dunamu in October 2017, Upbit quickly became the largest crypto exchange in South Korea. In addition, Upbit exchange has maintained its leading position in the market due to its user-friendly interface and wide range of supported cryptocurrencies.

U.S. Treasury Secretary Janet Yellen said U.S. foreign policy is pushing countries to look for alternatives to the dollar.
In new testimony before the House Financial Services Committee, Yellen said the U.S.'s increasing use of sanctions to freeze sovereign assets is keeping countries away from the world's reserve currency.
“In the area of ​​sanctions, we have very strong sanctions because the dollar plays an important role in international transactions. Cutting off the ability of foreign banks or other businesses or individuals to transact through the U.S. financial system ...
The more we use sanctions, the more countries will find ways to conduct financial transactions that do not involve the U.S. dollar.”