How Trump’s victory has divided the crypto community

November 29, 2024 Coin Telegraph

While many crypto community members celebrated Donald Trump’s reelection, some may have felt differently.

Many in the crypto industry see President-elect Donald Trump’s victory in the 2024 United States elections as a watershed moment, largely thanks to the myriad promises Trump made on the campaign trail.

Still, some members of the US crypto community took other factors into account.

Margaret Rosenfeld, chief legal officer at fintech platform Tilt, told Cointelegraph that not all crypto enthusiasts were single-issue voters. Rosenfeld said that some individuals found it difficult to reconcile their support for crypto with Trump’s other controversial positions.

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What role did crypto voters play in the 2024 US election?

November 25, 2024 Coin Telegraph

Coin Telegraph

According to Rep. Wiley Nickel, Democratic presidential candidate Kamala Harris could have made a “really big error” not courting voters in favor of crypto earlier.

Political analysts are still analyzing the results of the 2024 United States elections on Nov. 5, but many candidates who said they would advocate for policies favoring the cryptocurrency and blockchain industry won their respective primaries and races.

According to reporting from the advocacy group Stand With Crypto, roughly 270 “pro-crypto” candidates won seats in the US House of Representatives and Senate.

Election Day polling from Paradigm suggested that roughly half of crypto voters waited until the eleventh hour to cast their ballots, leaned Republican, and likely contributed to Donald Trump winning the popular vote with 76.8 million votes — slightly less than 50% of all votes cast.

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Prediction markets could hold the key to seeing the future, say observers

November 20, 2024 Coin Telegraph

Coin Telegraph

Predictions markets had an edge on the polls in the 2024 US election, but are they actually helping pundits predict the future?

The decentralized betting market platform Polymarket left political commentators around the world stunned by its accuracy in sourcing information about the United States presidential election race between President-elect Donald Trump and Vice President Kamala Harris.

Now several commentators are backing the idea that prediction markets and the concept of “information finance” could be the next leap forward in humanity’s ability to make more efficient and educated guesses about the outcome of global events.

In a Nov. 9 blog post, Ethereum co-founder Vitalik Buterin outlines the concept of information finance, betting on the fact that betting markets are actually much more than just speculation engines.

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Crypto industry smashes all lobbying records in 2024, influencing US election

November 12, 2024 Coin Telegraph

Biden

The crypto lobby has made its mark on the US presidential elections.

The crypto industry smashed all lobbying records in 2024 as President-elect Donald Trump secured a second term to return to the White House.

All across America, in key battleground states, money from crypto lobbyists made its mark. One of the biggest wins came in Ohio, where Republican Bernie Moreno ousted Democrat Sherrod Brown at a cost to crypto lobbyists of $40 million.

Brown, a crypto skeptic, was also chair of the Senate Banking Committee. Moreno’s victory removes a major crypto roadblock in Washington.

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After US election wins, the crypto industry looks to the 2026 midterms

November 7, 2024 Coin Telegraph

Coin Telegraph

Contributions from Coinbase and statements from executives suggested that crypto companies were likely to keep pouring money into future US elections.

Though reporting varies and may still come in after all the elections are called, many experts said crypto interest groups and political action committees (PACs) spent more than $100 million through campaign contributions and media buys supporting or opposing political candidates in the United States — a strategy that is unlikely to change after 2024.

As of Nov. 7, more than 200 candidates running for the House of Representatives, Senate, and White House who had expressed support for digital assets and blockchain had won their respective 2024 races. Among some of the biggest wins crypto leaders claimed would be good for the industry included Republican Donald Trump for US President and Bernie Moreno for one of Ohio’s Senate seats.

“The Ohio race was actually incredibly impactful and really proved just how powerful the crypto lobby is now,” Exodus chief legal officer Veronica McGregor told Cointelegraph, adding:

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Senator Lummis’ Bitcoin reserve proposal faces uphill battle

November 6, 2024 Coin Telegraph

China

A US strategic Bitcoin reserve faces steep odds, with legislative hurdles and economic risks stalling approval.

United States Senator Cynthia Lummis, long known as the "Crypto Queen" of Capitol Hill, has thrown a financial curveball into the post-election buzz by announcing plans to establish a strategic Bitcoin (BTC) reserve.

Source: Senator Cynthia Lummis

This bold move, declared just hours after Donald Trump's re-election, could redefine the US fiscal strategy, but at the same time raises questions on its feasibility, impact on US debt, policy barriers and market volatility.

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Solana rally follows Bitcoin price as SOL data points to traders’ $200 target

November 5, 2024 Coin Telegraph

Bitcoin

Solana gains alongside Bitcoin’s US election-related rally, and data hints that SOL price could hit $200.

Solana’s native token SOL (SOL) opened the day with a 5.3% gain to trade slightly above $167. The move accompanied Bitcoin’s (BTC) US election day rally to $70,550, and for many traders, the desired target for SOL rests closer to $200.

Currently, onchain data and derivatives market metrics suggest that SOL’s rally could continue in the short-term.

Solana continues to lead in decentralized exchange (DEX) volumes, a clear indicator of user activity and transaction fees, both of which are crucial for fostering sustainable growth and encouraging further project and trader adoption.

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Crypto-backed Super PAC reports raising $78M for 2026 midterm efforts

November 4, 2024 Coin Telegraph

Crypto-backed Super PAC reports raising M for 2026 midterm efforts

Coin Telegraph

The 2024 election results are likely still days away from being called, but industry advocates are looking to the next session of the US Congress.

With polls in the 2024 United States elections closing in less than 48 hours, a political action committee (PAC) has already announced millions of dollars raised to support pro-crypto candidates in the 2026 midterms.

In a Nov. 4 notice, the Fairshake PAC reported it had received $48 million in contributions from cryptocurrency exchange Coinbase and venture capital firm Andreessen Horowitz, in addition to the $30 million the committee had “in the bank.”

Coinbase CEO Brian Armstrong announced a $25-million contribution to Fairshake on Oct. 30, and the PAC reported receiving $23 million from Andreessen Horowitz.

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Crypto funds see $2.2B inflows amid US election hype — CoinShares

November 4, 2024 Coin Telegraph

Crypto funds see .2B inflows amid US election hype — CoinShares

bitcoin etf

The latest inflows mark four weeks of consecutive buying in cryptocurrency products, totaling more than $5.7 billion, or 19% of all such inflows YTD.

Cryptocurrency investment products posted another massive week as the United States presidential election draws closer.

Digital investment products saw $2.2 billion in inflows from Oct. 26 to Nov. 2, bringing year-to-date (YTD) inflows to a record-breaking figure of $29.2 billion, CoinShares reported in its new Digital Asset Fund Flows Weekly Report.

The latest inflows mark four weeks of consecutive buying in cryptocurrency products, totaling more than $5.7 billion, or 19% of all inflows YTD.

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Bitcoin price peels back from its weekly high, but BTC derivatives markets look good

November 2, 2024 Coin Telegraph

Coin Telegraph

Wider economic and stock market-related issues are impacting Bitcoin’s softening price, but futures market data shows traders still feel bullish.

Bitcoin’s (BTC) price momentum has cooled since the Oct. 29 rally toward the all-time high, but the derivatives market continues to project traders’ optimism in a price recovery.

The analysis of Bitcoin futures and options markets suggests that traders are maintaining positions without excessive leverage, which is crucial for a sustainable push toward new all-time highs. However, understanding the trigger for Bitcoin's price drop to below $69,000 on Nov. 1 remains essential.

Bitcoin 1-month options delta skew, put-call. Source: Laevitas.ch

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