Weekly Crypto News: Bitcoin, Binance, Trump, and More

Here's this week's top news, laid out in a simple, beginner-friendly way to keep you informed without being overwhelmed.

This week has been full of action in the crypto world; With minor Bitcoin movements, optimistic views for the coming month and developments in legal battles and political movements. Read what marked the past crypto week.

In a significant legal development, a U.S. District Judge last week rejected Kraken’s motion to dismiss the SEC’s charges against the crypto exchange. This ruling means that the securities lawsuit against Kraken will move forward, keeping the exchange under the regulatory spotlight. The case stems from allegations that Kraken offered unregistered securities to U.S. investors, which the SEC argues violates federal securities laws.

On August 19, legacy media reported growing speculation that Democratic candidate Kamala Harris might nominate SEC Chair Gary Gensler for the role of Treasury Secretary if she wins the upcoming presidential elections. This speculation has raised concerns within the crypto industry, particularly regarding her stance on digital assets.

In response, Harris’ team reassured the public last week that she would support policies promoting the growth of emerging technologies, including cryptocurrency. Meanwhile, her Republican opponent, former President Donald Trump, has regained a lead over Harris on Polymarket, a popular platform for crypto bettors. At the last check, both candidates were neck and neck, each with 49%.

Former President Donald Trump disclosed holding up to $5 million in Ethereum and reported earnings of over $7 million from his NFT ventures. Trump’s Ethereum assets, stored in a cold wallet, are estimated to be around $3.6 million, both in ETH and wrapped ETH. 

Additionally, Trump earned $7.15 million in licensing fees his NFT collections, including the “Mugshot” edition and two series of Donald Trump Trading Cards. These NFTs are sold under a licensing agreement that allows the use of Trump’s name and likeness.

Trump’s stance on digital assets has evolved significantly, with crypto now a key focus of his re-election campaign. He has pledged to establish a national Bitcoin reserve and promote pro-crypto policies, which could have a considerable impact on the market, particularly Bitcoin, if he wins a second term.

Bitcoin's market dominance has risen to 56%, the highest since April 2021, showing that investors are becoming more confident. A recent report shows that long-term Bitcoin holders are continuing to buy and keep their coins, even during market ups and downs. This trend suggests that more people are holding onto their Bitcoin rather than spending it.

As Bitcoin’s dominance grows, it could impact the wider crypto market, potentially driving overall growth. Factors like possible interest rate cuts by the U.S. Federal Reserve and a favorable political climate are also helping Bitcoin's rise. Upcoming discussions about making Bitcoin a U.S. reserve asset could further boost its influence.

Stay up-to-date with our weekly crypto news and make sure you never miss anything important in the fast-moving world of cryptocurrencies. Review last week's crypto news here.