🚀Bitcoin Surges Above $76,000

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Senator Cynthia Lummis said the U.S. government will establish a “strategic Bitcoin reserve” following Donald Trump’s election. Lummis previously introduced a bill advocating for the U.S. government to purchase up to 200,000 BTC annually.

Markets continued to rally on Thursday, with Bitcoin tagging a fresh all-time high above $76,000. ETH jumped 8%, while SOL and DOT climbed 5% and 3%, respectively.

The election went well for pro-crypto candidates, with many digital proponents unseating incumbent opponents. Trump-themed memecoins are bleeding out after a short-lived rally amid the election.

Also, more than 75% of memecoins were launched this year, Protocol Guild has distributed $20M to Ethereum developers, DeFi tokens outperform amid crypto rally, Polymarket whales win big from Trump victory, and Bitcoin-dev archives are now exclusively on Google.

✍️ In today’s newsletter:

Cynthia Lummis announces U.S. Bitcoin reserve
Bitcoin surges above $76,000
Crypto candidates win big in 2024 U.S. election
Memecoin degens rotate from Trump tokens to BTC
97% of memecoins have failed
Protocol Guild outlays eight figures to support Ethereum
DeFi assets soar amid crypto rally
Trump bets cash in big on Polymarket
Linux nerfs bitcoin-dev archives

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🇺🇸 Cynthia Lummis Announces U.S. ‘Strategic Bitcoin Reserve’ After Trump Win

Cynthia Lummis, the pro-crypto U.S. senator, tweeted in all caps that the U.S. will build a strategic Bitcoin reserve. The post follows Trump winning the U.S. presidential election, with Trump previously pledging he would stop sales of government-owned Bitcoin.

🚀Bitcoin Soars Above $76,000 Ahead of Fed Decision

The crypto market continued its upward trajectory on Thursday, fueled by Donald Trump’s victory in the 2024 U.S. presidential election. Bitcoin ETFs recorded $622 million in inflows on Wednesday, pushing the world’s most valuable cryptocurrency above $76,000.

✊Pro-Crypto Candidates Dominate 2024 Elections as Trump Reclaims Presidency

Pro-crypto candidates won 247 seats in the U.S. House of Representatives during the U.S. election. For comparison, just 113 anti-crypto politicians hold seats, according to Stand With Crypto, a digital asset advocacy group launched by Coinbase. “Tonight, the crypto voter has spoken decisively - across party lines and in key races across the country,” said Brian Armstrong, the CEO of Coinbase.

📉Trump Memecoins Plummet as Bitcoin Hits All-Time High

Trump-themed memecoins are crashing after a brief rally as election results were tallied. Degen speculators appear to be rotating into Bitcoin after BTC surged to post new all-time highs.

💥Over 75% of Memecoins Were Created in 2024, But 97% Are Dead

Research from Binance indicates three-quarters of memecoins ever launched went live in 2024, but less than 3% of the tokens remain active and 0.23% of tokens boast a seven-figure capitalization today.

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‍💰Protocol Guild Has Distributed $20M To Support Ethereum Development

Protocol Guild has disbursed more than $20 million to developers contributing to Ethereum core protocols since launching in 2022. The guild currently comprises 181 members from 30 projects, with $33.5 million vested over the next four years.

‍🚀DeFi Tokens Outperform Amid Broad Crypto Rally

DeFi tokens were among the strongest-performing digital assets amid the post-election rally. Aave (AAVE) is up 22% over the past seven days, while Uniswap (UNI) gained 16%, Lido (LDO) bounced 16%, and Raydium (RAY) soared 50%.

💵Polymarket Whales Cash Out Millions on Trump Win

Large Polymarket punters won big from the U.S. election, with one whale raking in $47 million. Other notable accounts scored $21 million from the presidential result, $12 million from the popular vote, and $6 million on swing state outcomes.

📄Bitcoin-dev Archives Purged From Linux, Re-homed On Google

Bitcoin-dev, the mailing list underpinning Bitcoin core development for more than a decade, is now exclusively hosted on Google’s centralized servers. The news comes after the archive was purged by the Linux Foundation.

🌍 ELSEWHERE

Coinbase premium flips positive, indicating rising bitcoin demand from US investors (The Block)
Donald Trump More Likely to Pardon Jan. 6 Protestors Than Silk Road Founder: Polymarket (CoinDesk)
SEC Seeks Court Approval to Dismiss Kraken’s Major Legal Defenses (Decrypt)
What Gary Gensler Could Still Do Against Crypto in His Remaining Days as SEC Chair (Unchained)