Positive Developments Propel Cryptocurrency Prices Higher

Positive Catalysts Boost Crypto Prices

On Friday, sluggish cryptocurrency prices experienced a significant rebound thanks to two key positive developments. The first catalyst came from U.S. Federal Reserve Chairman Jerome Powell, who confirmed that a monetary easing cycle is set to commence next month. This news provided much-needed optimism in the financial markets.

The second boost for crypto came when Robert F. Kennedy Jr., known for his pro-crypto stance, publicly endorsed Donald Trump, the Republican presidential candidate. Following Powell’s announcement, Bitcoin (BTC) saw a surge of approximately 3%, and the momentum continued to build after Kennedy’s endorsement. At the time of writing, Bitcoin was trading at $63,800, reflecting an impressive increase of 5.6% over the previous 24 hours.

The broader CoinDesk 20 Index also saw a positive trend, rising by 4.7% within the same time frame. Notable cryptocurrencies such as Ethereum (ETH), Tezos (XTX), and Solana (SOL) each recorded gains of 5% or more, contributing to the overall market uplift.

Despite Kennedy’s exit from the race, the presidential campaign is shaping up to be a closely contested battle, with current sentiments suggesting a near 50/50 split in voter support. Analysts believe that Kennedy’s withdrawal will primarily benefit the GOP candidate in the crucial “battleground” states.

Both Trump and Kennedy have indicated a much more favorable attitude towards Bitcoin and the broader cryptocurrency market compared to the current Biden administration. Trump has proposed the establishment of a Bitcoin strategic reserve and has pledged to fire SEC Chair Gary Gensler immediately. In light of these developments, the Harris campaign has reportedly taken notice. A senior adviser to Vice President Harris mentioned earlier this week that a future Harris administration would support the growth and development of the crypto industry.