BTC is currently trading around $69,900 and ETH around $2,450. Notable gainers in the last 24 hours are DOGE, FET, and BONK. The global crypto market cap is $2.43T, up 1.5% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 61%.
Crypto prices are slightly higher ahead of the US election, despite $540m in spot Bitcoin ETF outflows yesterday and Mt Gox sending $2.2b of Bitcoin to unknown wallets. Trump has a 58-63% chance of winning the Presidency per predictions markets, but roughly even odds per both popular elections models and recent polls. Over 79m people voted early, and polls are now open in much of the country. All eyes remain on seven swing states likely to decide the election, with their polls closing at 7pm EST in Georgia, 7:30pm in North Carolina, 8pm in Pennsylvania, 9pm in Arizona, Michigan, and Wisconsin, and 10pm in Nevada. Media outlets will see results as they come in and will unofficially award each state and its electoral college votes to the projected winner of that state if/as they have enough confidence to do so. Such a scenario would enable us to know the next US President as early as late tonight. However, a particularly close race could necessitate a full count, or even a recount, causing it to take days or weeks to declare the winner.
Notable news includes: Dogecoin rallied ahead of the election due to a renewed endorsement from Elon Musk linked to his proposed Department of Government Efficiency; South Korean banks and retailers joined a central bank CBDC pilot; Swift, UBS, and Chainlink completed a tokenized fund settlement pilot as part of Singapore MAS’s Project Guardian; Paxos launched the Global Dollar Network strategic initiative to accelerate stablecoin adoption worldwide; a UK pension fund became the first in the country to buy Bitcoin, allocating 3% of its portfolio to the asset; healthcare firm Semler Scientific bought additional Bitcoin; Bitcoin mining difficulty topped 100T for the first time; Binance filed to dismiss the SEC’s securities complaint; OpenSea teased a new platform built from the ground up; the number of Hamster Kombat players fell 86% from its peak; and, Curve proposed giving 10% of fees generated by its crvUSD stablecoin to holders that stake their tokens.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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