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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.
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 (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 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 (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 (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 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.
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 (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, 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 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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