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In today’s newsletter:
🔎Trump won - What's next?
📊On-chain alpha
😂Crypto meme of the week
🗞️The latest DeFi news
🔎Trump won - What's next?
BTC is finally back at all-time highs🥂
After so many months of waiting, it feels great to see a good pump.
Trump won the US presidential elections and this is what everyone’s talking about now, but it’s not the only major development from the past week.
Here are a few things I’m looking at and what I believe it’s next:
The US has elected the most pro-crypto Congress ever
Over 270 pro-crypto candidates secured their seats in Congress this week!
As you can see in the image above, the vast majority of people that were elected to the House of Representatives are pro-crypto.
This is a massive win for our industry and likely means we will see way more crypto-friendly legislation being approved in the US over the next years.
What’s more, Donald Trump has pledged to fire Gary Gensler, the Chair of the SEC, who has tried for years to unlawfully kill crypto.
But the most bullish news for crypto is probably the following:
A US Strategic Bitcoin Reserve is coming
If you watched the Bitcoin 2024 conference earlier this year, you might remember that US Senator Cynthia Lummis made a huge announcement.
She introduced a bill to create a Bitcoin strategic reserve and purchase 1 million BTC.
At that time in July when she announced this, it seemed unlikely that the bill would pass. However, the situation is now completely different.
Given that most people elected for Congress are now pro-crypto, Cynthia Lummis and her colleagues may have enough votes to carry out the plan.
The entire world is watching what’s happening in the US.
If the US actually starts buying BTC, many other countries might do the same.
What to expect in terms of BTC’s price action?
I have two scenarios in mind right now:
BTC starts going sideways or down for a short period (as the elections end up being a sell-the-news event) before resuming the uptrend
Our crypto bags get directly sent to Valhalla
Typically, highly anticipated events (like the US elections were) are sell-the-news events, but there is also a chance this time is different due to the recent avalanche of good news for crypto.
Either way, BTC is still going to hit $100k sooner or later.
With the US starting to become pro-crypto and China considering the issuance of $1.4 trillion in extra debt, there are some very exciting times ahead.
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On-chain Alpha🔎
Binance and Coinbase are seeing massive stablecoin inflows
In total, Binance and Coinbase have seen a whopping $9.3 billion in stablecoin inflows on the day after the US elections.
This is a great sign as a large % of this capital is likely to be used to buy BTC and/or altcoins.
Crypto Meme😂
The latest developments in DeFi
Donald Trump won the 2024 US Presidential Election
Chainlink introduced the Chainlink Runtime Environment, a major platform upgrade that improves the developer experience
UBS, the largest private bank in the world, launched its first tokenized investment fund on Ethereum
Ethena DAO is discussing a proposal to enable the fee switch for $ENA
Zircuit L2 announced an airdrop for EIGEN holders and stakers. All eligible wallets got an equal reward
Zero1 Labs opened up beta testing for its AI agents. The agents can be used for both on-chain transactions and contract creation
GMX announced a partnership with Chainlink for the upcoming launch of GMX-Solana
LFJ (prev. Trader Joe) announced the upcoming deployment of Token Mill, a novel bonding curve AMM, on Solana
Franklin Templeton released its tokenized treasury fund on Base
SynFutures released the first permissionless crypto derivatives launchpad
Euler Labs introduced Euler Prime, a multi-collateral lending market that supports the most popular lending trades in DeFi
Timedotfun is migrating to Solana
OpenSea teased the upcoming launch of OpenSea V2 in December
Swell launched its token $SWELL
That’s all for this week!
Until next time,
The DeFi Investor
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