Welcome to our thrilling weekly roundup in the dynamic realm of cryptocurrencies!
As we kick off another exciting week on Monday, August 12th, 2024, at 9:00:05 AM EST (3:00:05 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, August 16th, 2024, at 6:00:02 PM EST (12:00:02 PM CET), to gain insights into the week’s market trends and fluctuations.
| CRYPTO | INITIAL | % CHANGE | FINAL |
|---|---|---|---|
| BTC | $59,745.19 | -1.21 | $ 59,023.10 |
| ETH | $2,680.53 | -2.98% | $ 2,600.59 |
| BNB | $517.54 | 0.53% | $ 520.28 |
| SOL | $149.05 | -5.51% | $140.84 |
| XRP | $0.5760 | -2.05% | $ 0.56 |
| TON | $6.6084 | -1.52% | $ 6.51 |
| DOGE | $0.1065 | -5.54% | $ 0.10 |
| ADA | $0.3412 | -2.90% | $ 0.33 |
| AVAX | $21.53 | -4.83% | $ 20.49 |
Binance Reopens in India with New Compliance Measures
Bitcoin surged over $62,000, reigniting optimism for a $100,000 year-end target as analysts see the rally continuing into October and November. This jump, driven by favorable stock market sentiment and Bitcoin’s historical cycle patterns, saw a 7.2% gain and the liquidation of $100 million in short positions. With major tokens like Ether and Solana also rising, some market watchers believe Bitcoin could avoid dropping below $50,000, setting the stage for a strong finish to the year.
After a seven-month hiatus, Binance’s website and app are back online in India. The exchange has secured registration with the Financial Intelligence Unit (FIU), committing to stringent anti-money laundering (AML) and counter-terrorism financing regulations. Binance’s CEO, Richard Teng, emphasized the company’s dedication to regulatory compliance and creating a secure trading environment. This move marks a significant step in Binance’s efforts to strengthen its position in the Indian market.
$1.6 Billion Port Upgrade Boosts Bitcoin City Plans
El Salvador is set to receive its largest private investment ever, with Turkish company Yilport Holdings investing $1.6 billion to upgrade the Acajutla and La Unión ports— the latter being the future site of Bitcoin City. President Nayib Bukele highlighted that this move, part of a major economic development plan, will enhance trade opportunities and support the nation’s crypto ambitions.
Circle CEO Hints at Kamala Harris’ Warming Crypto Stance
Circle CEO Jeremy Allaire is optimistic about Vice President Kamala Harris’ evolving stance on cryptocurrency. In a CNBC interview on August 14, Allaire revealed that Harris’ campaign is making a concerted effort to engage with the crypto industry and understand its policies ahead of the 2024 elections. He highlighted that a recent virtual roundtable with White House officials and industry leaders demonstrated a growing bipartisan interest in crypto and emphasized the need for clearer policy direction from Harris.
Latin America’s Crypto Surge: 95% Expect Growth in 5 Years
A recent Binance survey reveals strong optimism in Latin America’s crypto scene, with 95% of users predicting increased adoption over the next five years. Despite market volatility, confidence in rising crypto prices remains high. Only 4.2% foresee stable or decreasing user numbers, reflecting a robust belief in the sector’s expansion.
Solana Eyes $500: Recent Gains Amid Market Dip”
Summary: Solana (SOL) has risen 1% to $144 as the crypto market dips. Despite recent declines, SOL has surged 500% in the past year. Analysts see potential for a breakout to $400 or even $500, with upcoming rate cuts possibly fueling this rally. Currently, Solana is trading in a tight range, signaling a possible major move ahead.
Sources
https://es.cointelegraph.com/news/latin-america-will-crypto-adoption-continue-to-rise
https://cryptonews.com/news/could-solana-price-reach-500-analysts-predict-a-major-rally-ahead.htm
https://cointelegraph.com/news/kamala-harris-campaign-effort-crypto-election
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