🇺🇸 Bitcoins Hits All-time High On Trump Victory

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Bitcoin surged to a new all-time high as traders reacted to Donald Trump’s election victory. The combined crypto capitalization rocketed to its highest level since July amid the rally.

Polymarket hosted more volume in five days than its entire 2023 as web3-native punters speculated on the election result. Memecoin degens converged on election-themed tokens, with Trump-themed coins pumping while Kamala-themed tokens dumping.

Elizabeth Warren handily retained her seat despite efforts from the crypto industry to back a pro-crypto candidate, John Deaton.

Also, Ethereum Foundation researchers give up advisorships with external projects, Paxos unveils new stablecoin, and decentralized arbitration arrives in Argentina.

✍️ In today’s newsletter:

Bitcoin tags new all-time high
Polymarket volume soars as election wraps up
BTC, S&P 500 and Nasdaq surge to all-time highs
Degens converge on election-themed memecoins
Elizabeth Warren fends off pro-crypto competitor
Ethereum researchers step down from external positions
Paxos begins USDG rollout
Kleros works with Argentinian court

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📈Bitcoin Tags All-Time High As Trump Takes Early Election Lead

Crypto markets rallied as Trump closed in on securing his second presidency, with Bitcoin tagging record highs above $74,500. Trump’s campaign pledged to support the domestic crypto industry by bolstering local Bitcoin mining, protecting the right to self-custody, and promising to fire Gary Gensler.

💥Polymarket Does More Volume in 5 Days than All of 2023

Polymarket enjoyed an explosive end to the electoral season, with the platform hosting $355 million worth of volume in five days, beating out the entirety of 2023. Its popular vote markets experienced violent volatility and Trump took an early lead, while users scrambled to back Trump to emerge victorious.

🎰Degens Hit the Memecoin Trenches to Gamble on Election

Memecoin trading also surged as votes were counted, with degens sending Trump tokens soaring while Kamala coins crashed. Just four political-themed small-cap coins drove nearly $20 million in 24-hour volume.

🥊Elizabeth Warren Defeats Pro-Crypto Deaton To Secure Third Senate Term

Elizabeth Warren, the notoriously anti-web3 senator, prevailed over John Deaton, a pro-crypto candidate backed by the blockchain industry. The contest for the Massachusetts senate seat was among several battles involving candidates championing pro-crypto policies.

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‍📈Crypto Markets Soar On Trump Election Victory

BTC climbed 7% to $75,275, an all-time high, while ETH rose 9% to $2,680. SOL and DOT gained 12% and 5%, respectively, pushing the global crypto market cap up 6% to $2.62 trillion.

‍🚶Ethereum Foundation Researchers Resign From EigenLayer

Star Ethereum Foundation researchers Justin Drake and Dankrad Feist have stepped down from advisory positions at EigenLayer. The news follows community backlash, with onlookers fearing the external roles could cause conflicts of interest.

🪙Paxos Launches Yield-Bearing Stablecoin Backed By Industry Heavyweights

Paxos unveiled its latest stablecoin, USDG, with support from top web3 firms including Kraken, Anchorage Digital, and Robinhood. The yield-bearing stablecoin’s launch follows a sharp decline in the market share of Paxos’s USDP token, and the demise of BUSD following regulatory intervention last February.

🤝Kleros to Collaborate with Supreme Court of Mendoza

Kleros, a decentralized arbitration protocol, inked an agreement with the Supreme Court of Mendoza in Argentina. The court will leverage Kleros’ dispute resolution mechanism alongside citizen jurors.

🌍 ELSEWHERE

Crypto Lobby Secures Major Victory as Sherrod Brown Loses Senate Seat in Ohio (Decrypt)
Polymarket Resolves Presidential Election Contract (CoinDesk)
Fallen FTX sues Ryan Salame for $98.8 million over alleged fraud (CryptoSlate)
Stand With Crypto Says These Races Are Crucial for Crypto. But Why? (Unchained)