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Bitcoin Surges to Nearly $64K, Adding to Gains as RFK Jr. Endorses Trump
The independent candidate is suspending his campaign for president and removing his name from the ballot in ten "battleground" states.
Updated Aug 23, 2024, 8:00 p.m. Published Aug 23, 2024, 7:53 p.m.
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 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 , tezos {{XTX}} and solana among the tokens posting 5% or more gains.
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Read more: Crypto Friendly RFK Jr. Drops White House Hunt, Will Lend Kennedy Name to Trump
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.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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