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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.”

The post Bitwise CIO: US election is going to be a speed bump or wind gust for crypto appeared first on CoinJournal.

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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.

The post VanEck lists PYTH ETN on Euronext Amsterdam and Euronext Paris appeared first on CoinJournal.

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Mt. Gox moves $2.2 billion in Bitcoin as it works to repay creditors

  • Mt. Gox moved 32,371 Bitcoin to two wallets, amounting to $2.19 billion
  • The movement follows the transfer of 500 Bitcoin worth more than $35 million
  • In October, Mt. Gox announced it was pushing its repayment deadline to October 31, 2025

Defunct crypto exchange Mt. Gox has moved another $2.19 billion to two unmarked wallets, according to data from blockchain analytics firm Arkham Intelligence.

Of the $2.19 billion, 30,371 Bitcoin was transferred to wallet 1FG2C…Rveoy. The extra 2,000 Bitcoin was sent to a cold wallet before being transferred to wallet 15gNRV…Aok. According to data from Arkham, the movement of Bitcoin comes five days after the exchange moved 500 Bitcoin worth over $35 million.

It’s one of the largest movements the exchange has made this year. In May, it was reported that Mt. Gox had transferred over $9 billion worth of Bitcoin to a new wallet. In July, the platform moved a further $2.8 billion. In both of these instances, it was thought Mt Gox’s trustee was preparing for repayment to creditors.

It may be that this further movement of Bitcoin is related to repaying creditors, something they have been waiting for since a hack caused the exchange to collapse in 2014. In October, Mt. Gox pushed its repayment deadline to October 31, 2025, adding another year from its original date.

Last month, Mt. Gox said the extended deadline was down to two things: creditors not completing the repayment steps and issues arising from the repayment process.

The post Mt. Gox moves $2.2 billion in Bitcoin as it works to repay creditors appeared first on CoinJournal.