Trump and RFK Jr. Ignite Bitcoin Blast, Russia Makes Crypto Move

Cheers to another week in crypto. Better yet, another edition of your favorite weekly news round-up from Coinigy 🥂

So, we have two main headlines:

1. RFK endorsed Trump (boosts the market)
2. Telegram boss gets arrested (crashes the market)

Here are the Highlights:

• Bitcoin Surges to Nearly $64K, Adding to Gains as RFK Jr. Endorses Trump
• CZ and Binance face new lawsuit for alleged laundering of stolen crypto
• Telegram CEO Pavel Durov Arrested in France, Causes Turbulence in Toncoin Market
• Russia to Launch Cryptocurrency Exchanges and Stablecoin Pegged to Chinese Yuan

Bitcoin Surges to Nearly $64K, Adding to Gains as RFK Jr. Endorses Trump

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 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.

Read More.

CZ and Binance face new lawsuit for alleged laundering of stolen crypto

Binance and its former CEO Changpeng “CZ” Zhao are facing a new class-action lawsuit from three crypto investors who say they couldn’t recover their stolen assets because the exchange failed to prevent money laundering. In an Aug. 16 class-action suit filed in the United States District Court for the Western District of Washington, Seattle, the plaintiffs allege their crypto was stolen, and those funds were sent to Binance by the thieves to “remove the connection between the ledger and their digital assets,” making them untraceable.

Read More.

Telegram CEO Pavel Durov Arrested in France, Causes Turbulence in Toncoin Market

Telegram co-founder and CEO, Pavel Durov, was reportedly arrested in France on August 24, sparking significant market turbulence for Toncoin (TON), the cryptocurrency associated with the Telegram-affiliated blockchain, The Open Network (TON). The news of Durov’s detention, reported by French media outlet TF1, cited unnamed sources suggesting Durov was apprehended upon arriving in France from Azerbaijan on his private jet.

Read More.

Russia to Launch Cryptocurrency Exchanges and Stablecoin Pegged to Chinese Yuan

Russia plans to set up two crypto trading platforms to combat U.S. sanctions that limit its access to global monetary systems. These markets will be located in Moscow and St. Petersburg. The fresh coins will be tied to the Chinese yuan, offering protection for international trade, especially among BRICS nations including Brazil, Russia, India, China, and South Africa.

Read More.

Other Highlights Worth Mentioning

Kraken Claims Legal Wins Over US SEC Amidst Regulatory Setback in Australia - BeInCrypto

SEC pushes back against Richard Heart’s bid to dismiss $1 billion fraud case - CryptoSlate

FTX says creditors supported reorganization plan with 95% vote -  Cointelegraph

Bybit emerges as dominant exchange with $2.5 billion BTC spot volume - Cyrytoslate