This week will be interesting for the crypto market, as former President and Republican nominee Donald Trump has promised to establish a strategic national Bitcoin reserve if he is elected president in November. In addition, the Fed’s meeting is due on Wednesday, and there is speculation that the central bank may cut interest rates in light of lower inflation.
Keeping these factors in mind, let’s take a look at which cryptocurrencies are worth watching this week.
The leading cryptocurrency nearly reached the $70,000 mark on Monday following a speech by former President Donald Trump, who promised to create a national Bitcoin reserve if elected. Speaking at the Bitcoin conference, he said would fire the SEC Chair Gary Gensler on his first day in office. Bitcoin enthusiasts applauded and welcomed Trump’s statement, hoping for crypto regulation in the country. The top cryptocurrency is 3% up from the previous week.
Bitcoin Cash (BCH) was created in 2017 after the Bitcoin “hard fork.” A hard fork is a phenomenon in the blockchain world that happens when the community makes major changes to the blockchain network and alters the rules.
Bitcoin was hard forked — resulting in Bitcoin Cash, which featured faster transaction speeds. With its history tied to Bitcoin, Bitcoin Cash’s price often fluctuates with that of the top cryptocurrency.
As Bitcoin is going up after Trump’s speech, Bitcoin Cash is also following suit. The now-defunct Bitcoin exchange Mt. Gox has also finished paying its creditors in Bitcoin Cash, which may also be contributing to the crypto’s surge.
Currently, Bitcoin Cash is trading at $454, up over 16% from last week.
Ether had a rough week last week due to continuous outflows from the spot Ether ETFs. The second-largest cryptocurrency has, however, picked up the pace since Sunday and will also be interesting to watch this week. As of right now, Ether is hovering around $3,300 and has gained 3.7% in the past 24 hours while dropping 3.4% in the past week.
The decentralized lending platform Aave may adopt a fee switch structure. Marc Zeller, the founder of the Aave Chan Initiative, said if the proposal is adopted, it could lead to Aave protocol restacking, providing the company and its users with new revenue streams. The cryptocurrency is currently trading at $102, with over 7% increase in the past week.
John-Paul Thorbjornsen, the founder of the blockchain platform THORChain, is ready for a ‘vampire attack.’ In the crypto world, Vampire attacks occur when a new platform offers more attractive incentives to lure users and liquidity away from established rivals.
As a result of the news, cryptocurrency’s price has risen nearly 3% in the past seven days and is currently trading at $4.94 per coin.
