As a seasoned researcher with over two decades of experience in financial markets, I have witnessed numerous market shifts and trends that have shaped the economic landscape. The 2016 US Presidential election was undoubtedly one of those moments that left an indelible mark on the crypto world. Four years later, Trump’s re-election victory has once again stirred the crypto pot, with Ether seemingly poised for a short-term breakout above $3,200.
Following Donald Trump’s win in the U.S. presidential election, there was an increase in investors’ desire for high-risk investments such as cryptocurrencies, which experts predict could lead to a temporary surge for Ether over $3,200.
The Republican victory is additionally fueling optimism about clearer cryptocurrency regulations in the coming four years. This optimism has led notable figures in the crypto sector like Coinbase’s legal head, Paul Grewal, to urge the U.S. Securities and Exchange Commission (SEC) to reconsider its approach towards the crypto industry during President Trump’s second term.
Ether set for $3,200 breakout as ETH ETF inflows turn positive
Experts anticipate that the price of Ether may surge beyond $3,200 due to increasing investor confidence following Donald Trump’s presidential win.
On November 6th, it was announced that Donald Trump had emerged victorious in the election, thereby ensuring another four years as the President of the United States.
After the election outcomes, there was an increase in investments flowing into Ethereum (ETH) exchange-traded funds (ETFs), as they recorded a total of $132 million in positive inflows over November 6th and 7th, according to Farside Investors’ data.
According to analysts from Bitfinex, an increase in investments into ETFs and growing interest from investors following the Republican victory could potentially drive up the price of Ether towards $3,200 in the near future.
The analysts told CryptoMoon:
“We do expect Ether to soon break out of its long-term range, where there has been heavy accumulation. Our target for the next few months remains at $3,200…”
Coinbase exec urges SEC reform after Trump’s election win
In response to Donald Trump’s re-election as President, Paul Grewal, Coinbase’s top legal advisor, called upon the Securities and Exchange Commission (SEC) to revise their stance on cryptocurrencies.
Grewal voiced optimism that the organization might establish a regulatory system promoting open discussion and creativity rather than lawsuits, echoing the growing dissatisfaction among cryptocurrency supporters towards the U.S. regulator’s enforcement measures.
As a researcher examining the implications of potential changes at the Securities and Exchange Commission (SEC), it’s clear that the prospect of Gary Gensler’s departure as Chairman could reverberate beyond merely the future of cryptocurrency regulation in the United States.
Galaxy Digital clocks biggest trading day of year on US Election Day: Report
On November 5th, Galaxy Digital, a leading cryptocurrency trading company, experienced its busiest trading day of the year. This spike in activity was triggered by the election of Donald Trump, causing increased curiosity about cryptocurrencies, according to a report published by Bloomberg on November 7th.
According to reports from Bloomberg, Michael Novogratz, CEO of Galaxy, stated that our franchise was running at maximum capacity, engaging in transactions with partners domestically and internationally, lending money, and managing derivatives.
“It really felt like an affirmation of everything we’ve been working for,” Novogratz said.
On November 5th, as per Bloomberg Billionaires Index, Novogratz’s wealth significantly increased by approximately 15% or around $600 million, bringing his total net worth up to an estimated $4.6 billion.
Magic Labs, Polygon launch crosschain smart wallet for AggLayer
In simple terms, Magic Labs and Polygon Labs have teamed up to create a multi-chain digital wallet. This is part of an effort by various protocols to solve the issue of liquidity being spread out across multiple blockchains within the crypto sphere.
As per an announcement made on November 7th, the companies have unveiled Newton testnet, a digital wallet system designed for the cross-chain settlement layer known as AggLayer. This solution aims to facilitate the sharing of liquidity across multiple blockchains, similar to how HTML or HTTP established standards and created a smooth internet experience.
Newton is constructed using the Polygon Cloud Development Kit (CDK) and intends to provide chain-abstracted smart wallets, complimentary tools, access to worldwide liquidity, and multi-chain launches through a unified “command line interface.
In simpler terms, liquidity fragmentation refers to a situation where financial assets and trades are spread out over various platforms or blockchains, leading to inefficiencies within the Decentralized Finance (DeFi) system. This dispersion results in higher transaction fees and slower processing times, making it more difficult for different blockchain networks to interact, and ultimately increasing costs for users.
Coinbase hit with $300 million token listing allegations by Sun, Cronje
It’s rumored that some major cryptocurrency platforms reportedly demand tens of millions of dollars as a fee for adding new tokens to their trading market.
Justin Sun, the founder of Tron, stated that Coinbase is asking for a total fee of approximately $330 million to list Tron (TRX). He posted on X on Nov. 4, revealing that Binance did not charge any fees, but Coinbase requested 500 million TRX tokens (worth around $80 million) and a Bitcoin deposit worth $250 million to be kept in Coinbase Custody.
It’s worth noting that Sun’s statements seem to be devoid of substantial proof, but nevertheless, they presented an unexpected twist given that Coinbase maintains it doesn’t levy charges for adding new cryptocurrencies to its platform.
According to a blog post by Brian Armstrong, Coinbase’s co-founder and CEO, listing assets on Coinbase doesn’t cost anything.
DeFi market overview
Based on information from CryptoMoon Markets Pro and TradingView, it appears that the majority of the top 100 cryptocurrencies by market value finished the week with gains.
Among the top 100 cryptocurrencies, Neiro’s (NEIRO) memecoin experienced a surge of more than 55%, making it the week’s highest climber. Raydium’s (RAY) token came in second, increasing by over 48% over the past seven days.
Appreciate you going through our recap of this week’s significant advancements in DeFi. Catch up with us next Friday for additional tales, perspectives, and educational content from this rapidly evolving sector.
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2024-11-08 22:11