The biggest crypto news and ideas of the day |
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Bitcoin is already a beneficiary of yesterday’s election, with prices reaching an all-time-high soon after polls closed. CoinDesk senior analyst James Van Straten expects it to go higher still. “BTC is still below the [Consumer Price Index] inflation adjusted price which is $77k, so it is still relatively cheap," Van Straten said. "Google Search traffic for bitcoin on a one-year time frame is also near the lows, which shows we are not near any form of euphoria or greed in the market. As we enter the most bullish period of the year, Q4, we still have two weeks left of the 13-F filings, Nov.14 deadline, to see which institutions have bought the BTC ETFs. In addition, MicroStrategy has announced the biggest at-the-market (ATM) equity offering in capital markets history, which could set the stage for FOMO for other institutions." There are caveats, though. “Trump’s proposed tariffs on China will drive consumer prices higher, bond yields will therefore have to go higher like we are seeing now and interest rates will have to stay elevated and we may even see rate hikes back on the table," Van Straten cautioned. "This could stunt risk-on assets” – and bitcoin remains in that category. |
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Buoyed by the prospect of a friendlier regulatory environment, altcoins were the biggest advancers after crypto-friendly GOP candidate Donald Trump Tuesday evening won another term in the White House. The largest gainer by a wide margin was Uniswap's (UNI), which was higher by 28% over the past 24 hours. Open interest (OI) for the token has soared by 20% in over the past day, according to Coinglass data and over 18 million UNI tokens ($169 million) are now in OI contracts, the highest amount since April 2024. OI in the past 24 hours alone has seen an increase of over 3 million UNI tokens worth over $60 million. The last time UNI saw such an aggressive increase in OI was back in April as prices were quickly falling. Additionally, funding rates for UNI have doubled over the last day from approximately 5% to 10%, with a positive funding rate meaning traders who are long have to pay short traders to keep their position open. Other things being equal, higher funding rates mean traders are anticipating further price advances. The UNI advance is pacing an 8.2% gain for the CoinDesk 20 Index, outperforming bitcoin's 6% rise to $74,600. Other notable movers from the gauge include Solana's (SOL), up 10% and Avalanche's (AVAX) and ChainLink's (LINK), each ahead about 8.5%. Underperformers include Ripple's (XRP) and Polkadot's (DOT), each rising less than 4%. |
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JPMorgan Chain Has New Name |
JPMorgan (JPM) rebranded its blockchain platform, formerly Onyx, as Kinexys as the banking giant doubled down on real-world asset tokenization efforts. "We aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” Umar Farooq, co-head of JP Morgan Payments said in a statement. “Our goal is to foster a more connected ecosystem to break down disparate systems, enable greater interoperability and reduce the limitations of today’s financial infrastructure.” Tokenization of real-world assets (RWA) such as traditional financial instruments has been a fast-growing area for blockchain technology with big banks getting increasingly involved. JPMorgan was one of the early leaders in the tokenization space with Onyx and its JPM Coin blockchain-based settlement tech. JPM Coin has been renamed to Kinexys Digital Payments. |
Phemex CEO Analyzes the Formula Behind Meme Coins’ Success Industry veteran Federico Variola discusses the future of crypto utility, centralized exchanges and SocialFi A lot has happened in the crypto space since Phemex CEO Federico Variola last visited this space, and he continues to keep his project focused on the road ahead. Those latest innovations align with the evolution of meme coins, the future of social finance and the limits of exchange decentralization. Continue reading here. |
Polymarket Settles Contract |
Republican Donald Trump's historic reelection as U.S. president brought to a close Polymarket's contract asking users to predict the outcome of the 2024 election, which saw more than $3.6 billion in volume flow through its virtual pipes. The contract was resolved just before 11 a.m. ET, when the Associated Press and NBC called the election for Trump. Fox News was the first major network to project Trump as the winner, a little after 1:45 a.m. ET, after he won the swing states of North Carolina, Wisconsin, Pennsylvania, and Georgia. The gap between the time when the market conditions were met and when the contract was resolved was because a resolution had to be proposed on UMA, Polymarket's current oracle and resolution source. UMA's dispute resolution system allows anyone to challenge a proposed market outcome by posting a bond during a 2-hour challenge period. If disputed, UMA token holders vote to determine the final resolution. |
The Takeaway: Polymarket Vindicated |
By Marc Hochstein Polymarket founder Shayne Coplan and the market niche he took mainstream in 2024 can take a victory lap. Along with Donald Trump, the Republican Party, and the cryptocurrency industry, prediction markets are a clear winner of the U.S. election. The GOP's surprisingly strong showing Tuesday night came as a shock to those who only got their information from mainstream media, pollsters and pundits. To those who'd been watching the odds on Polymarket, Kalshi, PredictIt and similar betting sites over the course of the year, the results were long within the realm of possibility. "The markets were far and away the best forecast of the 2024 election," said Koleman Strumpf, a professor of economics at Wake Forest University in North Carolina. "While pollsters said 'too close to call' (or [Democratic nominee Kamala] Harris is favored), markets identified Trump as the favorite." The vindication comes after several weeks in which the mainstream media harped on the theory that Polymarket, which runs on crypto rails and has seen billions of dollars in trading volume this year, was being manipulated by pro-Trump forces to inflate his odds. "None of the hysterical claims about how markets would damage democracy or other woes came to pass," Strumpf said. Read the rest. |
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