BTC is currently trading around $75,000 and ETH around $2,650. Notable gainers in the last 24 hours are UNI, AAVE, and LDO. The global crypto market cap is $2.61T, up 6.9% over the last day. DeFi Total Value Locked is ~$88b and BTC dominance is around 61%.
Former President Donald Trump defeated Vice President Kamala Harris to become the 47th President of the United States. While some states have yet to be awarded to either candidate, the Associated Press called the race for Trump at 5:35am EST after he retook Wisconsin, giving him the 270 electoral college votes needed to win. In addition, Republicans took control of the US Senate, while the House of Representatives is yet to be called. Republicans held a 220-212 majority in the House (with three vacancies) going into the evening, meaning the Democrats need to pick up four seats to control the House. Should the Democrats do so, it would provide a check on Trump, though a Republican sweep would set the course for Trump to implement his agenda, including heavy tax cuts and tariffs.
Equity markets are higher on the news, while cryptocurrencies have skyrocketed, with Bitcoin setting a new all-time high of $75,359 earlier in the day. Indeed, not only has Trump pledged to fire Gary Gensler on day one, clarify crypto regulations within the first 100 days of taking office, and establish a strategic Bitcoin reserve, but also Stand With Crypto estimates that many more pro-crypto Congressional candidates have been elected compared to anti-crypto candidates, increasing the odds that Trump can deliver on his promises. As a result, BTC and ETH are up 7% and 9%, respectively, over the last day, while DeFi tokens are also doing particularly well.
Notable news includes: crypto advocate Bernie Moreno defeated long-time incumbent Brown in the Ohio Senate race, though anti-crypto Elizabeth Warren secured her third term as Massachusetts Senator over the pro-crypto challenger Deaton; Japan’s FSA proposed a new holding order to prevent crypto from moving overseas in the case of a bankruptcy; private market exchange ADDX, ANZ, and Chainlink launched a tokenized commercial paper solution; SingularityNET and the ASI Alliance launched the first self-learning proto-AGI within Minecraft; BNB Chain launched a new tokenization tool for small businesses; and, privacy-focused Nym technologies announced it will buy back $1m of NYM tokens ahead of its coming NymVPN launch.
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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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