Trump victory propels US stock market and Bitcoin to new highs
Donald Trump’s victory spurred a significant surge in US stocks,
with the Dow Jones up 1,429 points at the time of writing and the
S&P 500 projected to increase 15% by 2025, according to UBS’s
Solita Marcelli. Investors are betting on less regulation and
taxes, as well as gains in the cryptocurrency sector.
Bitcoin (COIN:BTCUSD) reached an all-time high of $75,900.00,
currently up 9.1% at $75,604. Ethereum also rose by 10.4% to
$2,673.81. Shares of Trump Media & Technology Group
(NASDAQ:DJT) are up 3.7% at $35.18, while shares of MicroStrategy
(NASDAQ:MSTR), Coinbase (NASDAQ:COIN), and Marathon Digital
(NASDAQ:MARA) climbed 12.8%, 31.3%, and 20.0%, respectively.
Bitcoin’s rise reflects expectations of a more favorable
regulatory environment for crypto-assets. Investors speculate that
deregulation and the possible replacement of Gary Gensler at the
SEC will bring more freedom to the sector.
Trump pledged to make the US a global crypto hub, with
initiatives like a Crypto Advisory Council and a “Strategic Bitcoin
Reserve” to strengthen the US’s role in the market. He plans to
keep government-seized bitcoins and supports Bitcoin mining in the
US to boost the nation’s energy economy.
Polymarket has finalized its 2024 election contract, which moved
over $3.6 billion. The contract concluded following Associated
Press and NBC projections of Trump’s victory. A French bettor named
Theo, identified as the top winner, made $47.5 million betting on
Trump, while a second user, ‘zxgngl,’ won $11.4 million. The
contract’s popularity has sparked interest in the accuracy of
prediction markets over traditional polls.
After securing the presidency and Senate control, Republicans
are still vying for a majority in the House of Representatives,
which will influence the legislative agenda. On November 6, the AP
reported 199 seats for Republicans and 181 for Democrats, with 55
contests still undecided. Final results are awaited to determine
full legislative control.
Fernando Pereira, an analyst at Bitget, commented that “although
a Republican-led Congress may ease certain regulatory barriers,
political initiatives generally require detailed negotiations and
may be subject to procedural delays. Investors remain cautiously
optimistic, understanding that significant legislative changes may
take time to materialize despite a promising environment.”
Pro-crypto PACs supported candidates from both parties,
including Yassamin Ansari and Shri Thanedar, to strengthen
cryptocurrency policies. Senator Elizabeth Warren won her third
term in Massachusetts, defeating pro-crypto Republican John Deaton
with 73% of the vote. Deaton, popular in the crypto community and
endorsed by figures like Mark Cuban and Ripple CEO Brad
Garlinghouse, advocated for a balanced regulatory approach.
Although Warren has softened her stance on crypto, her victory
indicates that regulatory debates on digital assets will remain
prominent in Washington.
Altcoins surge with pro-crypto victory in the US
With Donald Trump’s victory and expectations of more favorable
regulation, altcoins, especially Uniswap (COIN:UNIUSD), surged
rapidly. UNI saw a 28.7% increase in 24 hours, with open interest
rising 20%, reflecting greater interest in future positions.
Funding rates doubled, indicating traders’ optimism for UNI’s
appreciation.
Avalanche (COIN:AVAXUSD) and ChainLink (COIN:LINKUSD) also
performed well, rising 10.8% and 10.2%, respectively. Solana
(COIN:SOLUSD) gained 12.6% to $187.46, a three-month high. Solana’s
Total Value Locked (TVL) soared to $6.54 billion, reflecting
growing demand for SOL tokens. Experts suggest SOL may hit
resistance between $200 and $220 but caution about a critical
support level at $180.
The Aave (COIN:AAVEUSD), a decentralized finance (DeFi) token,
rose 25% in the last 24 hours, boosted by World Liberty Financial’s
proposal to integrate with Aave V3. World Liberty Financial,
associated with Trump, proposed to AaveDAO to share 20% of its fees
and 7% of the WLFI token. Other DeFi tokens, like Maker
(COIN:MKRUSD) and Lido (COIN:LDOUSD), are also up 17.4% and 27.7%,
respectively.
Dogecoin rally: Critical resistance could determine next move
Dogecoin (COIN:DOGEUSD) is up 13.4% in the last 24 hours,
trading at $0.19274 after reaching an intraday high of $0.2193, a
seven-month peak. The $0.20 level represents a crucial resistance
point, which, if broken, could drive further gains. However,
Dogecoin’s Relative Strength Index (RSI), above 70, indicates an
overbought zone, suggesting a reversal risk. With 94% of the supply
in profit, profit-taking could lead to a correction, bringing the
price down to $0.17 or even $0.14 if selling pressure
increases.
BlackRock’s Bitcoin ETF sees $1 billion in 20 minutes
BlackRock’s spot Bitcoin ETF (NASDAQ:IBIT) moved over $1 billion
in the first 20 minutes of trading on November 6, according to
Bloomberg analyst Eric Balchunas. Total volume exceeded $2.5
billion throughout the day, reflecting strong demand. While the
volume does not represent net inflows, historically, these peaks
precede significant investments in Bitcoin ETFs.
On November 5, IBIT recorded net outflows of $44.2 million. The
11 US-listed spot Bitcoin ETFs collectively saw total outflows of
$116.8 million, as institutional investors exercised caution amid
US election uncertainties. Bitwise (AMEX:BITB) was the only ETF to
post an inflow of $19.3 million on Tuesday.
BNB Chain launches no-code tokenization for real-world assets
BNB Chain (COIN:BNBUSD) has introduced a streamlined
tokenization service for companies and individuals, enabling quick
tokenization of real-world assets with built-in compliance tools.
This process reduces costs and time, facilitating the tokenization
of physical assets like art and carbon credits with fractional
ownership options. Tokenization also enhances loyalty programs and
could reach a market value of $600 billion by 2030. Major financial
institutions are embracing tokenization, as evidenced by a recent
pilot with MAS and partners.
TRON announces Chainlink oracles and new developments at SmartCon
in Hong Kong
TRON (COIN:TRXUSD) continues its global expansion with over 270
million users and record transactions. TRON founder Justin Sun
announced at SmartCon that TRON DAO will integrate Chainlink Data
Feeds as official oracles, enhancing security for DeFi apps like
JustLend and JustStable, with $6.5 billion in Total Value Locked.
TRON will cover initial oracle network costs, fostering a
self-sustaining ecosystem. Sun also announced new projects,
including a Bitcoin Layer 2 solution and fee-free stablecoin
transfers.
JPMorgan renames Onyx to Kinexys and expands asset tokenization
JPMorgan Chase (NYSE:JPM) is expanding blockchain use in global
financial services with an initiative aiming to automate
multi-currency clearing and settlement 24/7. The bank relaunched
its blockchain platform, now named Kinexys, to advance real-world
asset tokenization and enhance multichain interoperability. With
over $1.5 trillion processed since 2020, Kinexys is advancing
tokenization and digital payments, including on-chain FX
capabilities between the dollar and the euro.
Crypto.com expands portfolio with stablecoins, ETF, and banking
services for 2025
According to CryptoSlate, Singapore-based cryptocurrency
exchange Crypto.com plans to launch stablecoins and an ETF focused
on its Cronos token in 2025, as well as expand into traditional
financial services like banking and stock trading. Having surpassed
Coinbase in trading volume in 2024, the platform anticipates a
“transformative year” with a pro-crypto US president. Other
initiatives include exchange services for the US and Canada,
Bitcoin rewards, and card expansions for Latin America, the Middle
East, and Africa, aiming to attract new global users.
SingularityNET and ASI Alliance launch autonomous proto-AGI in
Minecraft
SingularityNET (COIN:AGIXUSD) and ASI Alliance unveiled AIRIS,
an autonomous proto-AGI that learns and adapts in real-time in the
Minecraft environment. Unlike traditional AI, AIRIS adjusts its
actions dynamically, creating rules and strategies without
predefined instructions. This technology could pave the way for
robotics and intelligent systems. Minecraft’s open world is the
ideal environment for testing AIRIS’s adaptive learning, offering
insights into AGI’s future applications in complex real-world
scenarios, according to ASI Alliance.
Cathie Wood sees tech growth potential with less regulation under
Trump
Cathie Wood, CEO of ARK Invest, believes a Trump administration
focused on deregulation could boost sectors like blockchain, AI,
and robotics. In a YouTube video, Wood suggests that reducing
regulations and federal spending would accelerate exponential
growth in 14 deflationary technologies. While Trump has criticized
cryptocurrencies in the past, he is now seeking sector support,
setting him apart from Biden.
OpenSea announces new platform for December amid NFT stagnation
OpenSea will launch a redesigned platform in December to
revitalize the NFT market. CEO Devin Finzer highlighted that the
revamp was built from the ground up, aiming for innovation and an
enhanced user experience. With rumors of potential airdrops and new
features like smart accounts and SocialFi integration, the market
is responding with anticipation. Despite trading volumes below the
2022 peak, the update could boost OpenSea during a challenging time
for NFTs.
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