The dynamic crypto field ends another week, mostly with interesting developments taking place across the industry. The price of Bitcoin (BTC) saw a considerable rise following the US elections, while the broader market reflected immense optimism in light of Donald Trump’s victory as the 47th president. Simultaneously, Ripple’s XRP stole the spotlight this week, witnessing remarkable developments.
So here’s a quick look at some of the top market headlines reported by CoinGape Media over the past week.
BTC and crypto market reflects bullish trend after US elections
Notably, this week, Republican Donald Trump won the 2024 US presidential elections, proving very bullish for the broader cryptocurrency market. CoinGape Media reported that BTC rose to a new ATH this week in light of the Republican’s recent victory. Additionally, at the end of the US elections, a total of 242 pro-crypto candidates were elected to the US House of Representatives. Additionally, 14 pro-cryptocurrency candidates were elected to the Senate. Overall, the recent US presidential elections had considerable influence due to policies and positions on digital assets, ultimately proving bullish for the entire industry.
Meanwhile, market speculation that the US SEC would drop the majority of digital asset-related lawsuits persists in light of the pro-cryptocurrency candidate’s victory. Furthermore, even speculation that SEC Chairman Gary Gensler would resign under President Trump persisted in the market this week.
In the meantime, Dogecoin has attracted the attention of market observers around the world, mainly as a result of Elon Musk’s DOGE role in the Trump cabinet. The meme coin has soared nearly 50% over the past week, boosting investor optimism about the asset’s price action.
At the same time, it’s worth noting that new BTC wallets went on an accumulation frenzy this week, raking in nearly $145 million worth of coins. Additionally, the US Fed announced an interest rate cut of 0.25 bps, reinforcing optimism around risk assets this week. In turn, BTC price climbed to a new ATH this week at $77,507. The flagship crypto’s weekly gains totaled 13% amid US election buzz.
Ripple’s XRP attracts attention
Meanwhile, Ripple’s XRP has sparked significant market discussion this week, seeing notable developments in light of Trump’s victory with a pro-crypto stance. Ripple CEO Brad Garlinghouse reflects immense optimism for the cryptocurrency sector following the Republican’s victory.
Additionally, the chances of an XRP ETF gained considerable weight this week in light of Trump’s pro-cryptocurrency administration. Additionally, Ripple recently hinted at plans to launch a dirham-backed stablecoin in the UAE. Additionally, XRP price saw a 14% surge over the past week, reaching the $0.57 level.
Overall, the above-mentioned developments have sparked waves of discussion in the digital asset sector this week.
Quince stick
CoinGape includes an experienced team of native content writers and editors working around the clock to cover global news and present news as fact rather than opinion. CoinGape writers and journalists contributed to this article.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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