Donald Trump: "Bitcoin is not threatening the dollar, the behavior of the current US government is really threatening the dollar" 💵

✅ This week we almost reached the old ATH price of Bitcoin, but the bulls failed to push high enough and the market dumped and is now testing the $68k support level 📉

Weekly news digest:

💎 Crypto

🔸 MicroStrategy plans to raise $42B to buy more Bitcoin over the next 3 years

🔸 State Florida CFO says state holds about $800 million in "crypto-related" investments
 
🔸 UBS Asset Management launched the first money fund on the Ethereum blockchain

🔸 Zircuit announced fairdrop for EigenLayer token holders and stakers 🪂
 
🔸 The Trump crypto project World Liberty Financial intends to launch a native stablecoin
 
🏦 Crypto Exchanges
 
🔸 Binance partnered with Amazon Web Services to use Amazon AI for KYC verification

🔸 Crypto exchange Coinbase fell $60 million short of revenue expectations in the third quarter, stock dumps

👋 It was a week of layoffs

🔸 Kraken crypto exchange announced the layoff of 15% of its workers

🔸 Ethereum software company Consensys announced that it has laid off 20% of its global workforce

🔸 dYdx, the company building an on-chain derivatives exchange, fired 35% of its core team

💵 Finances and Economy

🔸 Bitcoin and Gold both will win if Trump wins the election, says JP Morgan
 
🔸 The U.S. added just 12,000 jobs in October, well shy of economist forecasts for 113,000

🔸 Stablecoin issuer Tether posted $2.5 billion in profits in the third quarter of 2024 

🔸 Canary Capital officially filed for a spot Solana ETF

🔸 US Treasury says CBDC should replace stablecoins

⚖️ Law and Order

🔸 Russian court fined Google for two and a half decillion dollars 

🔸 Immutable (IMX) disclosed that it received a letter from the U.S. SEC threatening potential enforcement action ahead.

🔸 The U.S. Department of Justice has indicted the founder and CEO of crypto Gotbit

 🗣 Personalities

🔸 Binance founder CZ appeared at the Binance Blockchain Week, his first public event after jail
 
🔸 Florida’s Chief Financial Officer urges state board to evaluate crypto investments for public pension funds
 
🔸 DWF Labs today dismissed one of its partners shortly after sexual harassment, drugging allegations

🚀 Best performers of the week:

MKR - $1,170 (↑6.5%)
SUI - $1.85 (↑5.2%)
DOGE - $0.148 (↑5.1%)

🇪🇺Europe's largest telecommunications provider, Deutsche Telekom, in partnership with the German bank Bankhaus Metzler, is testing the mining of Bitcoin using the excess energy 💸

Bitcoin price predictions amid the upcoming U.S. presidential election 🇺🇸

Analysts at research and brokerage firm Bernstein predict that if Trump wins the presidential election, the price of Bitcoin will soar above $90,000. But if Kamala Harris wins, the market will see correction to $50,000. Bernstein also predicts $200,000 price later in 2025, regardless of the US election result ↗️

Senior analyst at CoinDesk says that Bitcoin is likely to top $100,000 after the U.S. election, if history is any guide.

Top 7 token unlocks for this week 🔒

The total value of tokens unlocked this week will exceed $58 million, not a big sum at all, so everything is good for the alts 😄

• Neon Labs (NEON) — $19.92M
• Conflux (CFX) — $11.58M
• Galxe (GAL) — $9.18M
• XAI Games (XAI) — $6.34M
• Cellana Finance (CELL) — $4.28M
• Sleepless AI (AI) — $3.51M
• Cetus Protocol (CETUS) — $3.32M

#unlocks

Trump talks about Nancy Pelosi's insider trading: "Honestly, she's a disgrace. They should throw her out of Congress" 😄

The election will be held on Tuesday, November 5, results will be announced a bit later as votes counting may take longer time in some states

The media is overflowing with manipulative polls and fake information regarding the probability of victory of this or that candidate 📊

🇺🇸 The most important fight is taking place in the seven swing states that will decide the outcome of the election. At the moment, the probability on prediction market looks like this:

🟥 Trump - 58% chance
🟦 Harris - 42% chance

✅ The American election is upon us and will take place tomorrow. Experts say that if Trump loses it will likely lead to a significant correction in the market, although we should expect high volatility in any case 🕯

Daily Digest:

🔸 Deutsche Telekom is testing the mining of Bitcoin using the excess energy

🔸 Nvidia and Facebook ask for legal immunity from securities fraud prosecution from the U.S. Supreme Court 😐

🔸 Bernstein raises its Bitcoin price estimate for Harris win to $50k, keeps Trump at $90k

🔸 UK pension specialist reported that an “unnamed scheme” had made a 3% allocation of Bitcoin into its pension fund

🔸 Microsoft risks shareholder lawsuit if it ignores Bitcoin ⚖️

🔸 Paxos launched USDG, a Singapore-compliant stablecoin, partnering with DBS Bank

🔹 Prices:

🥇 Bitcoin - $68,085 (↓0.7%)
✨ Ethereum - $2,407 (↓1.6%)
🧪 S&P 500 - 5,712 (↓0.28%)
🕗 DXY - 103.91 (↑0.05%)
🌉 Gold - 2,735 (↓0.03%)

When it's not your first crypto cycle 🤣

Looks like OpenSea, once the largest NFT marketplace, has been cooking something 👀

The project announced that something big is going to happen in December, now the waitlist is open 😜

They used to be criticized for not having a token and making an airdrop, maybe they've decided to make some changes?

One of Wall Street's top contrarians, who is always wrong about everything, Jim Cramer, says market moves reflect investors' bets on a Kamala Harris victory 🤔

Guess there's no need to explain what counter indicator” is 😀

As the world awaits the US Elections, the first votes are cast in a small town Dixville Notch 🇺🇸

This small town where only a few people live has a tradition that dates back to 1960 for being the first in the nation to complete in-person voting hours before everyone else 🗳

Historically, these few voters have leaned Democrat, but today the situation is 👇

2024 Results:

🔴 TRUMP: 3 votes (50%)
🔵 HARRIS: 3 votes (50%)

For comparison, here are the 2020 election results:

🔵 BIDEN: 5 votes (100%)
🔴 TRUMP: 0 votes (0%)

That's a good sign for Trump

The U.S. presidential election ends today, so let's take a quick look at how the election system works 🧑‍🎓

The United States uses a system called the Electoral College. When Americans vote, they are actually voting for a group of representatives called electors, who then vote for the president 🗳

Each state has a certain number of electors based on its population, for a total of 538 nationwide. A candidate needs 270 electoral votes to win the election.

📊 Some states, known as swing states, are especially important because they can vote for either the Republican or Democratic candidate, these are 7 key states including Wisconsin, Pennsylvania.

The candidate who wins the majority of votes in a state usually gets all of that state's electoral votes. This makes swing states critical to victory. This system means that the winner isn't always the one with the most votes nationwide, but the one with the most electoral votes.

Current situation: If Trump wins in Pennsylvania state he is likely to win the entire election, chances of his victory in this state are 60% on prediction market 📊

And so, ladies and gentlemen, here's what we have now on the odds of Trump or Harris winning 👇

📊 On Polymarket we have Trump as the likely winner with a 60.8% chance of winning. This site is dominated by right-wing crypto bros, so you have to take that into account.

📊 On the Kalshi market we have Trump as the winner with 57% chance. This site is more neutral, but still mainly used by crypto users.

🤔 And the third prediction market is PredictIt — the old school site for this kind of event. It has Trump in the lead with a 53% chance of winning.

🚨 Donald Trump says there is massive election fraud in Philadelphia, Pennsylvania. "Law Enforcement coming!!!", he said 😱

The vote counting process has begun 📊

🔴 Historically two red states are already definitely for Trump

🔵 Same goes for Vermont - very blue state, it's secured by Kamala

The vote counting process will take longer in many swing states, so it may take a few days for 100% of the votes to be counted, but the overall vote dynamics will be clear by morning ⌛️

Speculators like Trump's chances!

So-called "Trump bets" (assets expected to rise if he wins) are pumping 📈

Bitcoin hits $71,000 🤑

✅ Election Day! As the votes are being counted, prediction markets are putting the odds of a Trump win at over 60%, with BTC and Tesla stock rising 🔼

Daily Digest:

🔸 Hamster Kombat, once with 300 million accounts in August, has now seen its monthly active accounts drop to about 41 million

🔸 Binance has committed $3 million to help the Spanish Red Cross 👋👋

🔸 Swift, UBS, and Chainlink announced the completion of a pilot to settle tokenized fund subscriptions and redemptions using Swift

🔸 Donald Trump says there is massive election fraud in Philadelphia, Pennsylvania: "Law Enforcement coming!!!" 😱

🔸 CZ says SEC can’t tell securities from Beanie Babies in his filing

🔸 Mt. Gox moved another $2.2 billion worth of Bitcoin

🔹 Prices:

🥇 Bitcoin - $70,840 (↑4.9%)
✨ Ethereum - $2,481 (↑4.1%)
🧪 S&P 500 - 5,782 (↑1.23%)
🕗 DXY - 104.07 (↑0.62%)
🌉 Gold - 2,741 (↓0.08%)

🔴 New York Times electoral college 'needle' currently estimating 278 electoral votes for Trump, 260 for Harris

If even NYT says that Trump is going to win...

Bitcoin rises above $72,000 as Trump's odds of winning are now above 70% ↗️