Sluggish crypto prices were on the receiving end of two positive catalysts on Friday, first as U.S. Federal Reserve Chairman Jerome Powell confirmed that a monetary easing cycle will begin next month, and then as crypto-friendly RFK Jr. threw his support behind the (also crypto-friendly) GOP standard-bearer Donald Trump in the presidential campaign.
Already higher by about 3% on the Fed news, bitcoin (BTC) rose further following the Kennedy announcement, trading at $63,800 at press time, or up 5.6% over the past 24 hours. The broader CoinDesk 20 Index was up 4.7% over the same time frame, with ether (ETH), tezos XTX and solana (SOL) among the tokens posting 5% or more gains.
Even with Kennedy exiting and endorsing Trump, the presidential race still appears to be about a 50/50 contest, but the conventional thinking at the moment suggests the removal of Kennedy from the ballot in the so-called “battleground” states will mostly benefit the GOP candidate.
Both Trump and Kennedy have promised a far friendlier attitude towards bitcoin and crypto than has been exhibited by the Biden administration, with Trump suggesting the U.S. create a bitcoin strategic reserve and the promising the immediate firing of SEC chief Gary Gensler. The Harris campaign has apparently taken notice. A senior Harris adviser earlier this week said a Harris administration would be supportive of the growth of the crypto industry.
