Der iShares Bitcoin Trust erlebte einen seltenen Tag mit Abflüssen. Kurz darauf erreichte Bitcoin ein neues Allzeithoch.
Zyperns Regulierungsbehörde verlängert Aussetzung von FTX bis Mai 2025
Zum vierten Mal hat die Wertpapieraufsichtsbehörde von Kyrpus die Aussetzung von FTX Europe verlängert, wodurch der Handel auf der Plattform eingestellt wird, die Kunden aber weiterhin Geld abheben können.
Elizabeth Warren schlägt XRP-Befürworter John Deaton in Kampf um Senatssitz in Massachusetts
Warren hat fast 75 % der Stimmen für den Sitz in Massachusetts erhalten und bekommt damit eine dritte Amtszeit im Senat der Vereinigten Staaten.
Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise
- Bitcoin reached a high of $75,317 in the early hours of this morning
- In September, Bernstein analysts predicted Bitcoin to reach between $80,000 and $90,000 by the end of 2024 if Trump won
- Unity’s COO said to CoinJournal said it was “disingenuous” to say Trump winning the US election was the sole reason Bitcoin’s price went up
Bitcoin rose to a record high of over $75,000 early this morning as voting results signalled a Donald Trump win for the White House.
Data from CoinMarketCap shows Bitcoin achieved a high of $75,317 around 6:25 this morning. Before the election results started coming in last night, Bitcoin was trading at around $69,000.
However, as the evening progressed and into the early morning, Bitcoin continued an upward trajectory before reaching its new all-time high.
Bitcoin’s last all-time high took place in March when it reached $73,000.
Data from AP News shows Trump has taken 277 of the electoral results compared to Vice President and presidential candidate Kamala Harris’ 224.
Will the price rise continue?
While the new high comes amid the US election results, many will be wondering whether this upward movement will continue. In September, Bernstein analysts predicted that Bitcoin could reach between $80,000 and $90,000 by the end of 2024 if Trump won the presidential election.
According to James Toldeano, COO of self-custody wallet Unity, people need to realize that data based on the 2012, 2016, and 2020 US elections doesn’t reveal consistent patterns for the crypto market concerning election results.
“Some have looked at the 2020 election and seen the price rise from $13,760 prior to the election on November 1, to $19,698 following the election on December 1, and immediately asserted it was the election that drove the increase,” said Toldeano to Coinjournal.
In reality, Toldeano added, several factors contributed to the price rise, including US stimulus payments, increasing interest from companies like MicroStrategy buying Bitcoin, and people seeing Bitcoin as a safe investment during the Covid pandemic.
“While the election happened during this time, it’s disingenuous to say it directly caused the price increase,” he said.
In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.
Pro-crypto
Former US President Donald Trump has come across as more crypto-friendly compared to Harris.
Back in May, Trump promised that, if he was re-elected, he’d free Ross Ulbricht, the Silk Road creator. Ulbricht has already served 11 years in prison. In August, Trump also promised to make America the “crypto capital of the planet.”
In September, Trump became the first US president to use the Bitcoin network. He achieved this after sending a Bitcoin transaction at PubKey, a crypto-themed bar in New York ahead of his campaign rally in Long Island.
On the flip side, Harris has been muted about her stance on crypto despite saying her administration would support a crypto regulatory framework if she became the next US president.
“Incoming President Trump has the power to save crypto in the US where urgent change is needed,” said Jesper Johansen, CEO and founder of Northstake, an Ethereum staking marketplace, to Coinjournal.
“First amongst the new administration’s priorities should be to define staking as an opportunity for US investors,” Johansen continued. “The question still lingers: is staking a commodity or a security?”
Johansen said that $6 billion is sitting in Ethereum exchange-traded funds (ETFs), which aren’t being staked, meaning investors are missing out on economic opportunities. According to Johansen, this could be one of the reasons why the uptake of Ethereum ETFs hasn’t been as popular as Bitcoin ETFs.
“Once these core issues have been solved, changes are needed within the SEC to ensure that crypto is viewed as a vehicle of innovation, rather than something to be feared,” he added.
Ahead of the election, Trump said he’d remove Gary Gensler, chair of the US Securities and Exchange Commission (SEC); however, it remains to be seen whether this will happen because the SEC is an independent federal agency.
At the time of publishing, Bitcoin is trading at around $74,000.
The post Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise appeared first on CoinJournal.
Binance listing sparks gains for COW and CETUS tokens
- COW and CETUS tokens spiked after Binance added support for spot trading.
- Gains also came as Bitcoin led crypto prices higher amid markets bounce on Donald Trump election victory.
The price of Cow Protocol (COW) and Cetus (CETUS) have spiked sharply in the past 24 hours after crypto exchange Binanace made a huge announcement.
Cow Protocol offers a fully permissionless trading and automated market maker. On the other hand, Cetus Protocol is a pioneer decentralized exchange and concentrated liquidity protocol on Sui and Aptos blockchains.
Binance lists COW and CETUS
COW and CETUS were up 76% and 85% respectively in the 24-hour period as the broader crypto market celebrated Donald Trump’s win in the US election.
While this bullish sentiment across the altcoin market helped the two tokens higher, it’s Binance’s announcement that the exchange will list COW and CETUS that likely catapulted prices higher. According to Binance, spot trading for the two coins will go live at 12:00 UTC.
Binance Will List @CoWSwap $COW and @CetusProtocol $CETUS with Seed Tag Appliedhttps://t.co/xbEtrGoxzZ pic.twitter.com/DgOyPT8fBV
— Binance (@binance) November 6, 2024
Market reaction to the news saw both tokens explode, with Cow Protocol price rising to $0.47 and Cetus Protocol to $0.33.
Daily trading volume for CETUS jumped 1,236% to over $181 million. Meanwhile, COW recorded a staggering 3,860% spike in daily volume, and was seeing about $13.7 million at the time of writing.
Binance has applied the seed tag to the COW and CETUS tokens, indicating that the cryptocurrencies are likely to witness wild volatility. This is notable given the market conditions and the potential for some traders to seek profits.
However, with Trump’s win, experts say crypto may yet go parabolic.
The post Binance listing sparks gains for COW and CETUS tokens appeared first on CoinJournal.