Bitcoin Price: US$ 75,567.98 (+8.99%)
Ethereum Price: US$ 2,721.87 (+12.36%)
Donald Trump has been declared the winner of the 2024 U.S. presidential election after securing key swing states, marking his return to the White House. This result has significant implications for the crypto industry as 247 pro-crypto candidates were elected to the House and 15 to the Senate, potentially reshaping digital asset policies. Crypto prediction market Polymarket saw substantial payouts with whales like “Theo4” and “Fredi9999” profiting millions from their bets on Trump’s victory. On the same day, BlackRock’s Bitcoin ETF experienced its highest trading volume ever, surpassing major stocks and signalling increased market activity driven by the election outcome.
On November 6, 2024, Tether conducted a significant cross-chain swap of over 2 billion USDT from various blockchain networks to Ethereum to assist an unnamed exchange, ensuring the total USDT supply remained unaffected. Amid reports of a potential U.S. government investigation, Tether’s CEO clarified the firm’s reserve holdings and disclosed substantial assets including U.S. Treasury bills, Bitcoin, and gold. Following Trump’s presidential victory and the election of numerous pro-crypto candidates, Wyoming Senator Cynthia Lummis reaffirmed plans to establish a strategic U.S. Bitcoin reserve, fuelling optimism in the crypto market. Analysts projected that Trump’s win could unlock substantial capital for the crypto industry and anticipated a friendlier regulatory stance with significant policy shifts as Trump pledged support for crypto-friendly measures and a leadership change at the SEC. His reversal from a previous anti-crypto stance, combined with campaign promises to bolster Bitcoin, has amplified enthusiasm within the Web3 and tech sectors.
BNB Chain has launched a no-code asset tokenisation service designed to simplify and expedite the tokenisation of real-world assets. It features built-in compliance and onchain minting tools to reduce costs and labour for businesses while enabling benefits such as fractional ownership and enhanced customer engagement. This solution aligns with a broader trend in real-world asset tokenisation that could manage up to $600 billion in assets by 2030, as stablecoin issuers already bolster demand for U.S. debt. A successful pilot led by the Monetary Authority of Singapore, SWIFT, and UBS demonstrated how traditional finance could integrate tokenised asset settlements without using cryptocurrencies. OpenSea, responding to regulatory challenges and a 99% decline in trading volume since its January 2022 peak, announced a December relaunch of its platform with new features like NFT shared ownership and expanded chain integration. This move sparked a 60% increase in trading volume in early November. Bitcoin surged to a record high of over $75,000 as early U.S. election results showed Donald Trump leading and boosted market confidence. Traders had linked Bitcoin’s potential upward trajectory throughout 2024 to Trump’s possible victory, reflecting shifts in crypto regulation stances from both major political parties.
Source: https://cointelegraph.com
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