Monat: November 2024

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Bitcoin breaks $75k as crypto celebrates Donald Trump election win

  • Bitcoin spiked to above $75,400, a new all-time high.
  • This came as Donald Trump clinched the US presidency, beating Kamala Harris.

Bitcoin rose to new all-time high above $75,000 as world leaders began to congratulate Donald Trump as the winner and president-elect in the 2024 US election.

As Trump took a decisive lead with key wins in Pennsylvania, Georgia and North Carolina, pushing his Electoral College votes past the 270 mark, Bitcoin price rocketed past $75k to hit a new all-time high above$75,400.

BTC chart. Source: TradingView

The flagship cryptocurrency has since retraced below $74k, but its sharp surge had over half a billion dollars liquidated. Per Coinglass, 124,734 traders saw their positions liquidated in the past 24 hours, with total liquidations at more than $557 million.

BTC liquidations stood at over $273 million, with more than 70% of that – $211 million – in shorts. Crypto is overall extremely bullish on a Trump presidency and analysts say dips in coming months will offer buy opportunities.

Trump’s pro-crypto stance

As the election cycle slowly comes to an end, key to the crypto industry is that the most “pro-crypto” candidate has won. World leaders, including Israeli Prime Minister Benjamin Netanyahu, India’s Narendra Modi and El Salvador President Nayib Bukele, have all congratulated Trump on his victory.

The US president-elect has also given a victory speech.

But while the market celebrates, what remains to be seen is whether he keeps the pledges he made during the campaign. These include two pledges for “day one” in office: fire US Securities and Exchange Commission Chair Gary Gensler and commute the sentence of Ross Ulbright.

He also said he’d make the US the world’s BTC mining hub, support a strategic Bitcoin reserve effort and never allow the creation of a central bank digital currency (CBDC).

Despite these pledges, industry experts say a Trump White House will be more supportive of crypto in general. The number of pro-crypto Senate and House Representaives has also increased significantly to suggest the road to regulatory clarity has likely opened up.

 

The post Bitcoin breaks $75k as crypto celebrates Donald Trump election win appeared first on CoinJournal.

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Traders dump Cardano and IOTA as they move to Vantard

Cardano and IOTA, two of the best-known players in the crypto industry, have underperformed the market over time as they evolved into ghost chains. A ghost chain is a blockchain whose coin is popular, but one that lacks a supportive ecosystem. 

Cardano and IOTA are ghost chains

Cardano is a layer-1 blockchain that became popular in 2021 as a good alternative to Ethereum, which was a proof-of-work network at the time. Its popularity was partly because it was promoted as a peer-reviewed chain that would become a disruptive force in the industry.

Years later, Cardano has no major developers working in its blockchain. For example, there are no popular decentralized exchanges (DEXes) and lending protocols. It has a total value locked (TVL) of less than $350 million. In contrast, newer blockchain networks like Base and Sui have attracted over $1 billion in assets. 

IOTA, on the other hand, became popular for its insistence that it was not a blockchain network. Instead, it is a distributed ledger technology that uses a technology known as tangle. 

IOTA launched Shimmer, its EVM-enabled blockchain network in 2023 with a lot of hype. Many months later, it has also not attracted major developers. 

Therefore, many investors have abandoned ADA and IOTA as their prices have continued to underperform the market. Cardano price has crashed by 60% from its highest level this year, while IOTA has plunged by 75%.

IOTA vs cardano
IOTA vs cardano

Traders flock to Vantard

At the same time, traders are flocking to Vantard, an upcoming meme coin fund token that is in its presale stage.

Data on its website shows that the developers have now raised $808,240 tokens in less than three weeks. This trend makes it one of the best performing token sales this year. 

The idea of a meme coin index fund is inspired by Vanguard’s success. For over three decades, Vanguard has become a financial juggernaut with over $8 trillion in assets. Most of these funds are made up of mutual funds and exchange-traded funds that track either stocks or bonds.

Vantard hopes to create a fund made up of the top-performing meme coins in the industry. It is based on the view that meme coins do better than other traditional cryptocurrencies, especially during bull markets.

Some of the most notable performers were cryptocurrencies like Popcat, MICHI, Fwog, Gigachad, and Moo Deng. 

Vantard’s performance will also be influenced by the ongoing interest rate cuts by the Federal Reserve. Analysts expect the Fed to slash interest rates by 0.25% on Wednesday this week. It will also hint that it will deliver more cuts in the coming meetingss.

Bitcoin and meme coins like Vantard thrive when the Fed is cutting rates. You can learn more about Vantard and buy the VTARD token here.

The post Traders dump Cardano and IOTA as they move to Vantard appeared first on CoinJournal.

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Bitwise CIO: US election is going to be a speed bump or wind gust for crypto

  • Bitcoin’s value has risen over 400% between 2020 and 2024
  • Solana has increased in value by nearly 4,500% from $1.49 to around $166 in four years
  • This trajectory of positivity will continue beyond the 2024 US elections, according to Matt Hougan

Bitwise’s CIO has said while Washington can alter the trajectory of the crypto market by speeding things up or slowing them down, it can’t stop it.

In his latest client memo, Matt Hougan wrote about crypto in an election year, claiming that crypto has already won, regardless of who becomes the next President of the United States.

Comparing the state of the crypto market from November 2020 to November 2024, Hougan questioned whether things are better or worse since the last time Americans went to the polls.

Despite several lawsuits from the US Securities and Exchange Commission (SEC) – notably against Binance, Coinbase, Cumberland DRW, Kraken, and Ripple – the crypto industry has made significant progress.

A four-year difference

Looking between the two US elections, Hougan points out that Bitcoin was trading at $13,677 in November 2020. Fast-forward to November 2024 and Bitcoin is valued at around $69,492, indicating a 408% change.

Ethereum has also seen a positive increase from its humble $388 in 2020 to its now $2,492 in the runup to the 2024 US election. However, it’s Solana that has seen a major increase in price rising nearly 11,000% from $1.49 in 2020 to around $166 in 2024.

Turning to assets under management (AUM), Hougan shows that stablecoin AUM rose from $3.87 billion in November 2020 to $177.83 billion in November 2024, representing a near 4,500% change.

Decentralized finance (DeFi) total value locked (TVL) also experienced a healthy boost, jumping from $9.57 billion in 2020 to $139.3 billion in 2024.

“We focus so much in crypto on the moment-by-moment movement of prices that we often lose sight of the long-term trends,” Hougan wrote. “The presidential election provides a nice opportunity to step back and see how far we’ve come.”

What next?

So much has already happened in the crypto market over four years, but will that continue as the market goes beyond the 2024 US election?

In Hougan’s view, the answer is yes. Regardless of who becomes the next POTUS, Hougan said – among other things – that spot crypto exchange-traded funds (ETFs) inflows will continue, stablecoins will continue to grow, Wall Street will continue to embrace tokenization and real-world assets, blockchains will get faster and cheaper, and real-world applications such as Polymarket will gain mainstream adoption.

“What happens in Tuesday’s election matters, particularly in the short term,” said Hougan. “But as I see it, over the long term Tuesday will prove to be something between a speed bump and a wind gust. Neither is going to stop this train.”

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VanEck lists PYTH ETN on Euronext Amsterdam and Euronext Paris

  • VanEck has launched PYTH ETN on Euronext Amsterdam and Paris for 15 EU countries.
  • The PYTH ETN tracks the Pyth token, held in custody by Bank Frick for full collateral.
  • VanEck aims to expand DeFi access, adding PYTH ETN to its crypto investment options.

VanEck, a global asset manager known for its investment products in the digital asset space, has launched an exchange-traded note (ETN) in Europe that tracks the Pyth Network’s native token, PYTH.

The VanEck Pyth ETN now trades on Euronext Amsterdam and Euronext Paris and is available to investors in 15 European countries, including major markets such as Germany, France, Norway, and Switzerland.

The ETN is fully collateralized with PYTH tokens, held by the Liechtenstein-based Bank Frick, and is designed to align with the MarketVector Pyth Network VWAP Close Index, ensuring it mirrors the performance of the Pyth token.

The Pyth Network itself is an innovative decentralized oracle protocol that connects smart contracts to real-world data sources, bridging the gap between blockchain-based applications and external data.

Oracles like the Pyth Network are essential in decentralized finance (DeFi) because they enable smart contracts to access off-chain information and communicate with other blockchain networks. This capability has become increasingly relevant, especially as DeFi applications gain traction globally.

PYTH, the governance token of the Pyth Network, boasts a fully diluted market cap of approximately $3.4 billion, further underscoring its significance in the crypto ecosystem.

Martijn Rozemuller, CEO of VanEck Europe, highlighted the potential of oracles like the Pyth Network to serve as a foundational infrastructure for DeFi applications. Rozemuller remarked that as smart contracts find new applications within finance, oracle networks become crucial in enabling real-world use cases for this technology.

By listing the PYTH ETN, VanEck provides European investors with more options to gain exposure to cutting-edge blockchain assets.

VanEck’s crypto investment products in the US and Europe

VanEck has a strong track record of pioneering crypto investment products in Europe.

In addition to the PYTH ETN, VanEck has launched over a dozen digital asset ETNs across a diverse range of cryptocurrencies, including Solana and Chainlink.

In the United States, VanEck has also introduced two spot crypto exchange-traded funds (ETFs) focused on Bitcoin and Ethereum while filing for additional ETF approvals covering various altcoins like Solana, XRP, and Litecoin.

With this latest addition, VanEck continues its commitment to expanding investor access to innovative blockchain technologies and supporting the growing adoption of decentralized financial infrastructure.

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