🤞 Trump’s back… and so is crypto’s hope?
Plus: Is Gary Gensler’s time at the SEC running out?
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🦅 Donald Trump became the US President again.
👋 Gary Gensler will likely be out of the SEC by February.
🍊 News drops: Nvidia is now the world’s most valuable company, OpenSea is getting an upgrade soon + more
🍍 Market flavor today
Time to crank up the volume 🎸 The Fear and Greed Index is still rocking at 70, keeping us in the “Greed” zone. Bitcoin’s been riffing between $73K and $74K after hitting a new record high, thanks to the early election results showing Donald Trump in the lead… or should we say, Donald Pump?
Now, the Bitcoin band faces the challenge of keeping the tempo. Key notes to watch are the 200-day SMA (showing the average price over the last 200 days) and the STH-CB (representing the price level at which buyers invested in the last 155 days). As of writing, these stand at $62,786 and $64,356, respectively.
Over on the altcoin stage, Dogecoin is stealing the spotlight with a surge of 17% over the last day – possibly because its biggest fan, Elon Musk, is known to support Trump.
Meanwhile, Ether traders are bracing for a possible change as the ETH/BTC ratio dives deeper below its lowest point in three years. With the election finale approaching, many traders are anticipating Bitcoin to surge by year-end. And if Ether doesn’t hit the same high notes, the ETH/BTC duet might sound even more off-key.
Institutional investors are still taking a breather backstage, trying to avoid the risks that come with the elections. Spot Bitcoin ETFs saw huge outflows this week – $116.8 million just yesterday.
As always, keep your eyes on the charts and your fingers on the pulse. The crypto concert is far from over 🎤
🦅 And the results are in…
He’s a McDonald’s drive-thru guy. He’s a truck driver. He’s an assassination survivor. And now, he’s the President of the United States again. Ladies and gentlemen, please welcome – Donald Trump.
Can’t help but think of that iconic Kanye West moment at the 2005 Grammys when he said, “Everybody wants to know what I’d do if I didn’t win. I guess we’ll never know.” Mic dropped. Boots shaken. Except with Trump, we do know what he’d do… *ahem* January 6 *ahem*
… anyways, if you needed proof that Trump is winning, you didn’t even have to check the news – all you had to do was peek at the crypto charts. That stuff’s greener than Shrek, Mike Wazowski, and Pepe the Frog eating avocados in a jungle.
As we discussed yesterday, Trump’s W is making everyone feel mega-bullish since he’s promised to introduce way more crypto-friendly policies. That’s the refreshment the crypto community needed, especially after the Biden Administration kinda threw a wet blanket on blockchain innovation with their regulation-by-enforcement approach.
But it’s not just the President calling the shots on the future of crypto. And lemme tell ya, things are looking hella solid for the industry. Here’s the breakdown from Stand with Crypto:
– House of Representatives: 253 pro-crypto candidates elected vs. 113 anti-crypto;
– Senate: 16 pro-crypto vs. 12 anti-crypto.
So, what’s next? Well, now we wait and see if those sweet promises actually turn into action – or just end up being voter bait.
👋 Buh-bye
Speaking of promises, one that got the crypto community super-hyped was Trump’s pledge to kick Gary Gensler out as SEC Chair.
And why’s this guy the final boss of crypto? Well, he’s sued more companies than my nephew James can count (and he’s a smart kid) – we’ve got Binance, Ripple, Coinbase, OpenSea… and that’s barely even scratching the surface.
But the thing is, firing Gensler wouldn’t be easy. The SEC’s an independent agency, and unless he’s guilty of something like misconduct or neglect, removing him just ’cause he’s anti-crypto isn’t an option. So, even with presidential backing, it’s a long process, probably a year or more.
Hey, don’t cry, tho’. Odds are, Gensler might just step down anyway – it’s typically what happens when a new administration hops in. And according to 10x Research’s Markus Thielen, Gensler’s likely out by January or February next year.
So, GG, Gary Gensler.
📰 News drops
🤝 Swift, UBS Asset Management, and Chainlink completed a pilot for handling tokenized fund transactions through the Swift network. This setup could let digital asset trades settle seamlessly with fiat systems across 11,500+ institutions worldwide in 200+ countries.
🏆 Nvidia’s back on top as the world’s most valuable company, surpassing Apple. Its market cap hit $3.431T, just ahead of Apple’s $3.4T.
🌊 OpenSea’s getting an upgrade in December, bringing in new features to shake up the NFT market. It might include tools like account abstraction, NFT co-ownership, a memecoin launchpad, more chain support, and even SocialFi integration.
🗳 MakerDAO token holders are voting on whether to keep the new Sky branding or bring back the classic Maker name. So far, the poll leans toward sticking with the Sky brand.
🍌 Juicy memes
