On Friday, the crypto market saw a significant rise after two major events, firstly Robert F. Kennedy Jr. announced he would drop out of the 2024 U.S. presidential race and endorse former President Donald Trump, and Federal Reserve Chair Jerome Powell hinted at possible rate cuts soon. 

These announcements led to Bitcoin (BTC) jumping 5.5% in an hour, pushing its price above $64,000 and sparking optimism among investors.

RFK Jr. supports Trump

Robert F. Kennedy Jr. surprised many by announcing his withdrawal from the presidential race and endorsing Donald Trump during a press event in Arizona on August 23. 

He said he is backing Trump because of their shared support for free speech, protecting children, and ending the war in Ukraine. Notably, both Kennedy and Trump are also supporters of Bitcoin, showing a strong alignment on digital assets and cryptocurrencies.

Kennedy mentioned that he recently met with Trump and his family in Florida, where they agreed to work together. He also tried to meet with Vice President Kamala Harris, but she declined. Even though Kennedy is stepping back in some key areas, he will still be on the ballot in several states. 

His strategy focuses on the possibility of a contingent election, which could occur if neither Trump nor Harris gets the 270 electoral votes needed, potentially giving Kennedy a chance as a compromise candidate in the House of Representatives.

Fed Chair Hints at Rate Cuts

Adding to the positive mood in the crypto market, Federal Reserve Chair Jerome Powell hints that the Fed might lower interest rates soon due to slowing inflation. This news has increased confidence that the Fed will ease up on its current policy, which has remained unchanged since July 2023.

Right now, the market sees a 32% chance of a 0.50% rate cut in September and a 67% chance of a 0.25% cut. Lower interest rates generally benefit the crypto market as investors look for higher returns in assets like Bitcoin and Ethereum.

Gains Across the Crypto Market

Following these announcements, other major cryptocurrencies also saw gains. Ethereum (ETH) rose by 5.36% to $2,753, while Solana (SOL) increased by 5.73% to $151. 

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed