- Crypto Market Cap ($2.84T): +19% / +60% - BTC ($79,152): +16% / +86% - ETH ($3,184): +30% / +39% - SOL ($205): +26% / +101% - UNI ($9.24): +29% / +26% - POL ($0.40): +31% / -58% - Tether Mkt Cap ($123B): +2% / +34% - USDC Mkt Cap ($37.1B): +6% / +51% - BTC / ETH Dominance: 55% / 14%
THIS WEEK IN CRYPTO
- Bitcoin closed in on $80,000 for the first time, boosted by Donald Trump's election win and the prospect of a pro-crypto Congress for the first time. Bitcoin's previous all-time high was $73,000 in March. Link.
- Following Donald Trump's presidential win, Republican Senator Cynthia Lummis reemphasized plans to create a strategic Bitcoin reserve that would enable the US Treasury to acquire up to 5% of the total BTC supply.
- The crypto industry spent $135 million during the 2024 election cycle to back more than 50 pro-crypto candidates, and nearly 100% of those candidates won their respective elections on Tuesday. Most notably, anti-crypto Democrat Sherrod Brown and Chairman of the Senate banking committee, lost the Ohio Senate race to Republican Bernie Moreno.
- Over $3.6 billion was bet on the election outcome on decentralized prediction marketplace Polymarket, with odds of Trump's victory growing well before the election was called by official outlets.
- BlackRock's spot bitcoin ETF hit $34 billion of net assets after a record $1.1 billion of net inflows after the election, surpassing the $33 billion of assets held in BlackRock's gold ETF.
- President-elect Donald Trump's transition team has begun vetting potential candidates to replace current SEC chairman Gary Gensler. Candidates include Robinhood legal chief Dan Gallagher, Kirkland & Ellis partner Norm Champ, and former SEC Commissioner Paul Atkins, among others. Current pro-crypto SEC Commissioner Hester Pierce has indicated she's not interested in the position.
- The Ethereum Foundation reported it holds $789 million of crypto assets, mostly in ether, and $181 million in non-crypto investments as of October 31. The Foundation also announced a new conflict-of-interest policy for its contributors.
- Block, previously known as Square, announced it was winding down its defi business TBD, and dedicating more resources towards bitcoin mining and its self-custody offerings. The company also announced Q3 earnings that missed analyst forecasts, leading to a 15% drop in share price.
- A mystery trader known as the "Trump whale" profited more than $50 million on decentralized prediction market Polymarket after betting on Donald Trump's election win.
- The State of Michigan Retirement System, which oversees $13.6 billion in pension fund assets, purchased $10 million worth of spot ethereum ETF shares.
