Cryptocurrencies have been through a turbulent week, with market charts struggling to digest recent developments. The most significant event of the week is the Russian threat, which has had far-reaching implications. In relation to this, former President Trump made noteworthy statements. Additionally, Robinhood announced two new listings for its U.S. customers. At the time this article was written, Bitcoin (BTC) 
$77,420 was trading at $113,850.
Altcoin Listings
According to the latest earnings report, Robinhood is experiencing substantial profits from cryptocurrency trades. To capitalize on this trend, the platform has added two new altcoins to its listings: ONDO and FLOKI Coin, now accessible to U.S. customers. The listing sparked approximately a 3% increase in FLOKI, while the impact on ONDO’s chart was minimal.
The availability of these two altcoins to U.S. investors is expected to support regional demand based on news flow.
Trump and His Recent Announcements
Trump addressed an important meeting where he made significant comments regarding Russia. The focal point of this week is the sanctions expected to be announced against Russia. A threat of secondary sanctions last week resulted in a surge in oil prices. If Trump enacts these measures, significant disruptions in oil supply are anticipated, potentially causing price spikes and fueling inflation fears, which could negatively impact cryptocurrencies.
Key excerpts from Trump’s statements were as follows:
“(Regarding Russia’s customs duties) We will see what happens. Following the meeting with Russia on Wednesday, we will decide on sanctions against countries purchasing Russian energy.
We have a few candidates. Currently, we are down to four people for the Fed chairmanship.”
Trump is scheduled to meet with Russia tomorrow. Recent discussions suggest potential steps to halt air strikes at the very least. Insider reports indicate that Trump may be preparing to offer concessions as a way to de-escalate tensions. However, it remains unclear how much this will satisfy Trump. Announcements on Wednesday and Thursday could determine the direction for cryptocurrencies.
Figures released on August 5 indicated that the U.S. service sector has stagnated due to weak demand and rising costs. Last week’s data showed employment figures fell short of expectations, while consumer spending adjusted for inflation remained almost steady. Developments on the macroeconomic front are not favorable for cryptocurrencies, as evidenced by BTC prices falling to $112,650 in the past 24 hours.
