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BTC price is trying to reclaim $61,000 at the time of writing, which would be great for altcoins. Closing above $61,850 could pave the way to $63,000 and then $65,000, bringing us step by step closer to the $70,000 breakout level. So, what are the latest developments in cryptocurrencies?
Current State of Cryptocurrencies
Tomorrow, the Fed minutes will be released, and Jackson Hole will start on Thursday. This meeting will shed light on the global economy today and tomorrow. Powell is expected to make relatively optimistic statements in his speech on Friday. Moreover, the Fed minutes may contain developments that support risk markets.
Indeed, data from the past three months show that while inflation is falling, employment has fluctuated negatively enough to necessitate Fed action.
Tether Mints USDT
Stablecoin issuer Tether minted $1 billion worth of USDT on the Tron network. The newly minted USDT amount thus exceeded $33 billion. Of this, $14 billion was minted on the Ethereum network, while $19 billion was issued on the Tron network. Following USDC’s decision in favor of the Tron network, Tether continues to support it.
Chinese Court’s Decision
The Chinese Supreme Court revised its interpretations of Anti-Money Laundering (AML) laws to include crypto under the “virtual assets” category. The first significant revision since its adoption in 2007 was made recently. Thus, transferring and converting criminal proceeds via crypto will also fall under rules prohibiting “concealing and disguising the source and nature of criminal proceeds and their benefits by other means.”
Coinbase Election Report
This was somewhat discouraging because young crypto investors in the US electorate showed an unexpected pattern. 41% of this group identifies as Democrat, while 39% identify as Republican. Despite Trump’s big pro-crypto promises, the equal ratio may explain Harris’s reluctance to take steps in this regard.
Kamala Harris remains silent on cryptocurrencies. However, making a few pro-crypto statements would gain her votes rather than lose them as competition heats up in many states. This is exactly what is expected as the November elections approach.
