Headlines
▌Harris' defeat, Biden blamed, accused of not withdrawing early
U.S. Democrats are surrounded by anger and introspection, as the Democratic Party's vice presidential candidate Harris failed in the election, leaving some Democratic officials and voters stunned. Some of the fundamental reasons for Harris' defeat have led some Democrats to question the party's future. The sharpest criticism includes accusing the party of lying to its supporters about President Biden's mental health issues, until a disastrous TV debate with Trump in June finally led him to withdraw from the presidential race. One Democratic donor asked, "Why did Biden insist on staying in so long? He should not have hidden his (health condition) and should have withdrawn earlier."
▌Musk's net worth increases by $20.9 billion, firmly in the top spot as the world's richest
After Trump, supported by Musk, won the U.S. presidential election, Tesla (TSLA.O) closed up 14.75% on Wednesday U.S. time. Forbes' billionaire data shows that the surge in Tesla has resulted in a single-day increase of $20.9 billion in the net worth of the company's founder and CEO Musk, with total assets reaching $285.6 billion, far exceeding Jeff Bezos, who is second on the global billionaire list.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $75,667.41, with a daily change of +8.9%;
ETH's latest trading price is $2,720.81, with a daily change of +12.1%;
BNB's latest trading price is $592.42, with a daily change of +5.0%;
SOL's latest trading price is $186.86, with a daily change of +11.9%;
Doge's latest trading price is $0.1958, with a daily change of +14.8%;
XRP's latest trading price is $0.5424, with a daily change of +5.4%.
Policy
▌Bernstein analyst: Crypto regulation tailwind after Trump's victory
After Donald Trump won the U.S. presidential election, analysts at research and brokerage firm Bernstein said the regulatory headwinds for cryptocurrencies have turned into tailwinds - and the market "has not yet fully priced in this shift".
The team led by Gautam Chhugani told clients in a Wednesday report that they expect the new "crypto-friendly" U.S. Securities and Exchange Commission chairman and Senate Banking Committee to accelerate regulatory transparency in the industry.
Chhugani pointed out that the crypto industry is seeking new rules to define digital assets as assets other than securities, the applicability of broker-dealer laws to crypto exchanges and DeFi, accelerate the approval of investment products like ETFs, and allow banks to own and custody cryptocurrencies.
▌Trump campaign team: Trump recognizes Harris' strength and professionalism, the two reach a consensus
The Trump campaign team issued a statement on November 6 local time, saying that earlier that day, Trump had a conversation with Harris, in which Harris congratulated Trump on his historic victory. Trump expressed recognition of Harris' strength, professionalism and resilience throughout the campaign, and the two leaders reached a consensus on the importance of national unity.
Blockchain Applications
▌JPMorgan renames its blockchain platform to Kinexys
JPMorgan has announced that it is renaming its blockchain platform Onyx to Kinexys and adding on-chain foreign exchange settlement capabilities for the U.S. dollar and euro. The banking giant was one of the early leaders in applying blockchain technology to traditional financial activities, having executed over $1.5 trillion in transactions since its inception. In addition, JPM Coin has been renamed to Kinexys Digital Payments.
▌Sonic to take a snapshot of wallets holding six different Sonic Shards on December 1 for exclusive NFT minting
According to official information, Sonic Labs has announced that it will take a snapshot of each wallet holding six different Sonic Shards at 8:00 PM Beijing time on December 1. Once online, all eligible wallets will be whitelisted to mint exclusive NFTs on Sonic, which will earn points for the upcoming airdrop of approximately 200 million S tokens.
Shards obtained through the secondary market (such as PaintSwap) will also be eligible, provided they are held prior to the snapshot date. The team will reveal the exclusive NFT design closer to the minting release.
Cryptocurrencies
▌Bitwise CIO: We are entering the golden age of cryptocurrencies
The Chief Information Officer of Bitwise said, "We are entering the golden age of cryptocurrencies, and we will see a strong bull market in the coming years."
▌CNBC: Bitcoin price may reach $100,000 before the presidential inauguration
CNBC said that the price of Bitcoin may reach $100,000 before the presidential inauguration.
▌Trump's victory drives Bitcoin to new highs, crypto stocks soar
Trump's victory in the 2024 presidential election has driven Bitcoin to break new highs, reaching around $76,000. The U.S. stock market also closed broadly higher on Wednesday. Coinbase's stock price surged 31%, and several Bitcoin mining companies including Cipher Mining and Riot Platforms saw their stock prices rise more than 20%. Robinhood's after-hours trading volume hit a record, with the three most actively traded stocks being Coinbase, MicroStrategy and IBIT. In addition, BlackRock's IBIT Bitcoin ETF saw trading volume of $1 billion in the early regular session, drawing market attention.
▌Galaxy CEO: Trump's victory could bring "hundreds of billions of dollars" to the crypto ecosystem
According to Bitcoin Magazine, Galaxy CEO Mike Novogratz said in an interview with CNBC that after Trump's victory, he sees a "major shift in energy" in the crypto industry, which could bring "hundreds of billions of dollars" to the crypto ecosystem.
▌Trump's victory fails to boost WLFI token sale by his family
Data shows that the WLFI (World Livity Financial) token sale did not receive a boost after Trump's victory. In the past 24 hours, the sales volume of WLFI tokens was less than 100,000 tokens, less than $1,500.
According to data from dune analytics, World Liberty Financial's governance token WLFI has generated $14.8 million in sales since its launch on October 15, with the majority (about $10 million) generated on the first day. In a filing with the U.S. Securities and Exchange Commission last week, the project stated that its current target is to raise $30 million (originally $300 million).
▌Pump.fun's monthly revenue hits a record high of $30.5 million
Data shows that the monthly revenue of the Solana ecosystem token issuance platform Pump.fun hit a record high, reaching $30.5 million in October, an increase of 111% from the previous month, and also surpassing the previous monthly high of $28.64 million set in July.
Among them, the GOAT token "endorsed" by the AI agent @truth_terminal on X became the most valuable token ever from Pump.fun, with a market capitalization reaching $920 million on October 24, 2024.
▌After Trump's victory, BlackRock's spot Bitcoin ETF (IBIT) traded $1 billion in the first 20 minutes
On the day after Donald Trump won the U.S. presidential election, BlackRock's spot Bitcoin ETF (IBIT) saw its trading volume surge to $1 billion in the first 20 minutes of trading. Bloomberg senior ETF analyst Eric Balchunas said: "IBIT traded $1 billion in the first 20 minutes, which is about its entire day's volume, and other Bitcoin ETFs are facing the same situation with crazy trading volumes. It's expected to set a trading volume record."
The Blackrock Bitcoin ETF has assets under management of around $30 billion, higher than other Bitcoin ETF products. According to a Yahoo Finance report, as of 1:10 pm Eastern Time on Wednesday, the spot Bitcoin ETFs of Blackrock, Fidelity, and Grayscale all rose about 8%.
Important Economic Dynamics
▌Jefferies: The pace of implementation of Trump's policies will dominate the future trend of the US dollar
Brad Bechtel, Global Head of Foreign Exchange at Jefferies Group, said that the US dollar started strongly under the impetus of Trump's election as US President, but its future trend will largely depend on the pace of policy implementation. "Over time, I can see the potential for the dollar to continue to rise, but I don't think it will be repriced immediately," Bechtel said. In Trump's first term, he will feel his way in Washington, and as his experience increases, he can push through tariff and regulatory reforms more quickly. But this is not guaranteed, and it largely depends on whether the Republicans can win the House of Representatives. Bechtel said: "From now on, we need to see if this will be a red wave: this will determine the speed at which the market moves towards a broader direction."
▌Institutions: The Fed will continue to rely on data, and Trump's policies will have limited short-term impact
Archie Hart, a strategist at asset management firm Ninety One, said that during the formation of the new Trump administration, the Federal Reserve is likely to continue to make policy decisions based on existing data. Volatility is possible. The market will react to Trump's rhetoric. It is expected that Trump's policies will not have a meaningful impact on the economy at least until 2026. This means that although the market initially reacted, the near-term interest rate outlook should not change much.
▌The probability of the Fed cutting rates by 25BP in November is 99.4%
According to the CME "Fed Watch", the probability of the Fed cutting 25 basis points in November is 99.4%, and the probability of cutting 25 basis points is 0.6%. The probability of a cumulative 25 basis point rate cut by December is 32.0%, the probability of a cumulative 50 basis point rate cut is 67.6%, and the probability of a cumulative 75 basis point rate cut is 0.4%.
Golden Encyclopedia
▌What is the Aptos blockchain?
Aptos aims to be a fast, scalable and reliable blockchain that supports decentralized applications (DApps), aiming to accelerate the development of Web3. Avery Ching and Mo Shaikh launched the Aptos blockchain on October 12, 2022. It aims to achieve high throughput and low latency, meaning it can process around 160,000 transactions per second and verify them in less than 1 second on average. Aptos natively integrates the Move language to provide these fast, secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything needed to "build your big idea", even combining with artificial intelligence to make it easy for both beginners and experts to use Web3.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and are not actual investment advice. Please everyone establish the correct investment concept and improve risk awareness.
