Along with Donald Trump, the Republican Party, and the cryptocurrency industry, prediction markets are a clear winner of the U.S. election. The GOP’s surprisingly strong showing Tuesday night came as a shock to those who only got their information from mainstream media, pollsters and pundits. Source
Trump has vowed to impose sweeping tariffs on Mexico and other trading partners. Source
Part of BTC’s spike could be attributed to a $94 million liquidation of bearish or hedged bets against the asset, Coinglass data shows, as Trump leads in early voting. Source
“BlackRock’s BUIDL is based on Ethereum, and for what they’re trying to build, I think that’s perfectly fine,” Wald added, but any kind of projects with high-volume transactions, like real-time payments or trading, might struggle. “If we’re talking about a more sophisticated on-chain fund, or a financial platform, then there’s a real opportunity for Solana.” Source
“Divided government is likely the most important outcome for crypto as we believe that is what produces a bipartisan regulatory structure that will remain intact regardless of what happens in future elections,” he wrote in a note for TD Cowen clients. In this session that’s winding down, the Senate has been controlled (barely) by Democrats, and the House had a very narrow majority in the House of Representatives, leaving the two chambers in divided hands. Crypto legislation did manage to wind its way through the House for the first time,…
On the other hand, a Harris win may slow down the pace of adoption due to a more restrictive regulatory regime. (The Biden administration that she’s served in since 2021 has tended to be highly restrictive on crypto.) “If Harris were to win, I still think institutional adoption would happen. But it would happen more gradually,” said Levin, pointing out that the Democrats are slowly coming around to crypto, including Harris herself, which means “it will just take more time for growing this Democratic support for the industry to have…
Altcoins have lagged throughout the year amid regulatory uncertainty, and hence, K33 Research analysts said they are “more sensitive” to the election results. Source
The project, completed as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, showcased how Swift’s infrastructure can facilitate off-chain cash settlements for tokenized funds. It also demonstrates how tokenization and blockchain can work to improve, not replace, Swift, which connects over 11,500 financial institutions in more than 200 countries. Source
On the crypto front, there exist several paths for legislation at the moment. They largely depend on the outcome of the election — which, it’s worth pointing out, we may not know immediately. If one party wins the White House, House and Senate (they take office in January), we likely won’t see any further progress toward crypto legislation this year, said Representative Tom Emmer, a Republican and current majority whip. That’s because if a single party is poised for that trifecta, lawmakers can just wait a few months to craft…
Recently roughed-up bitcoin miners like Marathon Digital (MARA), Riot Platforms (RIOT) and Hut 8 (HUT) were sporting gains in the 3%-5% range. Crypto exchange Coinbase (COIN) was higher by 3%, though remains lower by about 10% over the past few sessions following a disappointing third quarter earnings report. Source