Bitcoin Bulls Target $66K as Shiba Inu Surges 40% – Recap

This week has brought significant positivity to the cryptocurrency market. The total market capitalization has increased by approximately $140 billion and now exceeds $2.4 trillion. This surge follows impressive gains from numerous coins, particularly Bitcoin.

At present, BTC is striving to break past the $66K mark, a price it hasn’t reached since early August. Although the last week was marked by volatility, the bulls ultimately triumphed and have taken charge. It will be interesting to see if they can sustain this momentum, especially with the upcoming US presidential elections likely causing market fluctuations.

On this front, Donald Trump has expressed his support for the cryptocurrency sector, praising Bitcoin on several occasions over the past few months. Kamala Harris had remained quiet, but her stance appeared to shift in the last week.

During a recent speech, Harris mentioned her commitment to positioning the nation as a leader in the technologies that will shape the next century, promising to maintain dominance in areas like AI, quantum computing, blockchain, and other advanced fields.

With both candidates seemingly backing the crypto industry, it’s important to note that neither made significant contributions to it during their time in office—Trump during his presidency and Harris during her vice presidency.

In another development, Changpeng Zhao, a prominent figure in the crypto space, was released two days earlier than the planned date of September 29. According to a Fortune report, after serving a four-month prison sentence, CZ is now enjoying his freedom. Bullish indeed!

Interestingly, Bitcoin hasn’t been the top performer this week. That honor goes to SHIB, the meme-inspired coin, which surged a remarkable 40% amid a resurgence in meme coins.

It will be fascinating to observe whether this positive trend continues or if the bears are poised to implement a surprise twist.

Market Data

Market Cap: $2.412T | 24H Vol: $115B | BTC Dominance: 53.8%

BTC: $65,682 (+3.3%) | ETH: $2,654 (+4.2%) | BNB: $608 (+6.6%)

This Week’s Crypto Headlines You Shouldn’t Miss

Former Binance CEO Changpeng Zhao Released Early: Report.Changpeng Zhao was initially set to be released from prison on September 29. However, reports indicate he has been freed today.

Gary Gensler Criticized as Most ‘Historically Destructive and Lawless’ SEC Chair.Pro-crypto Republican representative Tom Emmer has criticized the US SEC Chair Gary Gensler, calling him the most “historically destructive and lawless” in the role.

BlackRock Sees Record Monthly ETF Inflow as US Bitcoin Holdings Increase.Bitcoin holdings in the US are climbing, largely driven by a demand for spot BTC exchange-traded funds, with BlackRock experiencing its highest monthly ETF inflow to date.

From Silence to Advocacy: Kamala Harris Supports Blockchain in Recent Speech.The current US Vice President, Kamala Harris, who is also running for President in the upcoming elections, has recently advocated for blockchain technology during one of her speeches.

Charts

This week, we present a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin—click here for the full price analysis.