🏆 Is crypto winning this US election season?
Plus: Can Bitcoin mining help Germany’s energy grid?
GM. Here’s your fruit cart for the latest market news – each drop packed with the juiciest crypto picks of the day.
🦅 Highlights of the US elections.
🍊 News drops: Microsoft might get sued if it doesn’t invest in Bitcoin, major players collaborate to advance global stablecoin adoption + more
🍍 Market flavor today
Crypto Market Cap: $2.33T -0.30% (24H)
Name
Price
24H
7D
Bitcoin BTC
$68,673.14
0.02%
-3.37%
Ethereum ETH
$2,432.96
-1.29%
-7.09%
BNB BNB
$556.89
-0.52%
-7.87%
Solana SOL
$161.61
-1.29%
-10.37%
The crypto market is buzzing louder than a coffee shop on a Monday morning ☕ Bitcoin took a quick dip to $67K yesterday but bounced back over $68K. The Fear and Greed Index is chilling at a greedy 70, so the appetite for risk is definitely on the menu.
Bitfinex analysts pointed out that despite the usual jitters before big events, like the US presidential election, many market players are adopting a wait-and-see approach. But don’t get too comfy – there’s talk of a potential volatility spike right after the election.
Analysts at Bernstein used to think a Kamala Harris win could drop Bitcoin to $30K, but they’ve bumped that floor up to $50K. That’s because there’s some worry that a Harris administration might keep or even ramp up regulatory scrutiny on crypto. On the flip side, a Trump victory could see Bitcoin climbing to $90K in the coming months. Either way, Bernstein suggests Bitcoin could reach $200K by the end of next year, no matter who takes the White House.
Adding a twist to the tale, some investors got a bit spooked when Mt. Gox moved $2.2B worth of Bitcoin to two unknown wallets. Historically, such moves have preceded repayments to creditors, so this could be a prelude to some market shaking.
And just when you thought it couldn’t get more interesting, Bitcoin ETFs saw their second-biggest outflow ever, with $541.1M heading out the door right before the election face-off.
So grab your favorite snack and stay tuned – this week’s set to be wild 🍿
🦅 The day has come
The US elections are today. And even if you’re not American, there’s no escaping it – it’s everywhere.
This year’s election season has been absolutely bonkers: Joe Biden dropped out, Donald Trump got shot, coconut trees were involved, dogs got eaten… And it’s also been the most expensive election season in US history, with $15.9B blown on campaigns.
What’s also different this year is that crypto’s actually on the ballot. If you told that to someone 10 years ago, you’d surely get the you’re insane look. But look at us now – we’ve got various surveys saying that voters are increasingly leaning toward candidates that support crypto.
And speaking of, let’s do a quick recap.
1/ Donald Trump
Trump’s got a lot of fans in the crypto corner, saying that if he takes the W, we’re in for a good time. Why? Well, he:
– Publicly supported Bitcoin mining;
– Spoke at the Bitcoin conference, where he promised to show SEC Chair Gary Gensler the door;
– Criticized CBDCs;
– Launched a DeFi platform, World Liberty Financial, to push global adoption of stablecoins;
– Bought burgers to his supporters and paid in Bitcoin (alright, this was probably just a fun PR stunt, but it’s still nice to hear).
2/ Kamala Harris
While Harris doesn’t seem like a hater here, her stance on crypto still isn’t very clear. But here’s what we know:
– She’s got two crypto execs on her advisory team, but two of her other advisors previously worked for Joe Biden and contributed to his anti-crypto strategies;
– She said she wants to push for innovation in AI and crypto while protecting investors (which could also mean… more regulations?);
– Her “Opportunity Economy” plan hints at bringing access to financial services through tech like crypto and making sure that the regulatory framework benefits this industry.
So… who’s winning?
– Polymarket odds are showing Trump at 60% vs. Harris at 40%;
– Moo Deng, the cutie patootie pygmy hippo from Thailand, also picked Trump.
However…
– 538’s giving Harris the slight edge, with her winning 50 times out of 100 simulations (Trump takes 49);
– And don’t forget Nickelodeon’s “Kids Pick the President,” which has been weirdly accurate since 1988 – the kids are betting on Harris.
At the end of the day, whoever wins may not make a massive difference for crypto long-term. The industry’s already on track to soar, and both candidates seem to recognize its growing influence. So, fingers crossed for some smarter crypto rules soon, no matter who gets the W.
And fingers crossed for the tomfoolery and shenanigans to finally be over.
📰 News drops
⚖️ The National Center for Public Policy Research (NCPPR) is giving Microsoft a heads-up: skip on Bitcoin, and if it skyrockets, you might get sued by shareholders. They’ve put forward a proposal pushing the company to consider investing in the cryptocurrency.
⚔️ Binance and ex-CEO CZ are trying to dismiss the SEC’s updated lawsuit. Their legal team insists that secondary market sales aren’t securities transactions.
🤝 Big names from both crypto and traditional finance have joined forces to launch a new stablecoin, USDG. This open network aims to fast-track stablecoin adoption worldwide.
⚡️ Deutsche Telekom’s MMS and Bankhaus Metzler are teaming up to see if Bitcoin mining can help keep Germany’s energy grid stable. This pilot will test whether mining can absorb excess energy when needed, acting as a flexible load to balance things out.
🍌 Juicy memes