Headlines
In the early morning of November 6th local time, US Republican presidential candidate Trump announced his victory in the 2024 presidential election.
Bitcoin surpasses Meta to become the ninth largest asset in the world by market value
According to Bitcoin Magazine, Bitcoin surpassed Meta to become the ninth largest asset in the world by market value.
Republican majority in Senate could mean more crypto support in US Congress
The Republican Party has gained control of the U.S. Senate after securing key Senate seats in Ohio and West Virginia, which means that the Republican Party has gained majority control of the U.S. Senate, which also brings bright prospects for cryptocurrency regulation, as the Republican-led Senate is expected to prepare clearer cryptocurrency regulations, indicating that the United States will shift to policies that are beneficial to the industry.
It is reported that the U.S. Senate may eventually clarify cryptocurrency regulation, and the new Senate may review delayed business-friendly bills such as the Digital Commodities Consumer Protection Act, which would give the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset transactions.
Industry News
U.S. 30-year Treasury yield rises 23 basis points
The yield on the U.S. 30-year Treasury bond rose 23 basis points, its biggest one-day gain since 2020.
CME Fed Watch: The Fed’s 25bps rate cut in November is still nearly fully priced in
According to CME Fed Watch, a 25 basis point rate cut by the Federal Reserve in November remains close to fully priced in, and the probability of a further rate cut in December is about 66%, compared with 77% on Monday.
Agency: Trumps coming to power means the Feds dovish stance may weaken
Gary Ng, senior economist at Natixis, said the Fed’s dovish stance may not be as strong as before as Trump’s trade tariffs and tax cuts could lead to rising inflationary pressures and wider fiscal deficits.
Bernstein’s analyst team, led by Gautam Chhugani, said regulatory headwinds in the cryptocurrency market have turned into tailwinds following Donald Trump’s victory in the election. The analysts also reiterated their forecast for Bitcoin to approach $90,000 by the end of this year and reach a bull cycle target of $200,000 by 2025, expecting a new “crypto-friendly” SEC chair and Senate Banking Committee to accelerate regulatory clarity in the industry.
JPMorgan Chase Co. changed its 2025 Fed rate forecast to one quarterly rate cut starting in March.
US election
Associated Press: Republicans win majority in U.S. Senate
According to the Associated Press: Republicans won a majority in the U.S. Senate.
In an interview with Elon Musk by TCN, American journalist Tucker Carlson asked: How much pressure does shutting down the X platform put on you?
“Not much else besides multiple Democrats saying they want to put me in jail, cancel my company’s government contracts, nationalize my company, deport me as an illegal immigrant, and arrest me for being Putin’s best friend,” Musk said.
Musk later retweeted and commented: Sure, these things stress me out a lot, but they pale in comparison to President Trump, who they tried to kill twice, bankrupt him and jail him forever.
NBC: All polling stations are closed for this presidential election
According to NBC, all polling stations for the 2024 U.S. presidential election have been closed.
Polymarket’s US presidential election betting results will be considered Trump’s victory
The execution result of the crypto prediction market Polymarkets betting on the US presidential election will be considered Trumps victory, because the Associated Press, Fox News and NBC have all confirmed Trumps victory, meeting their result recognition conditions.
Bernstein said that the SEC and the Senate Banking Committee are expected to take a friendly attitude towards cryptocurrencies after Trump takes office, and crypto assets are expected to be re-rated because it is unclear whether these assets qualify as securities. In addition, both stablecoins and market structure bills may make faster progress, which is good for stablecoin issuers such as Circle and Paxos, as well as US cryptocurrency exchanges and brokers/dealers.
Project News
The re-staking protocol Swell Network announced that SWELL claims will be open at 17:00 on November 7, and announced the SWELL token economic model.
The total supply of SWELL is 10 billion, and the initial circulating supply is 13%.
35% of SWELL is allocated to the community, with 8.5% of the supply allocated to the Voyage airdrop, 7% of the total supply will be linearly distributed based on the White Pearls accumulated by each Voyager, and an additional 1.5% will be allocated to the most loyal stakeholders based on their loyalty bonus method. Claims can be claimed for up to 6 months after the claim is opened, after which unclaimed tokens will be returned to the DAO for future plans. Users can stake SWELL (rSWELL) after claiming the SWELL airdrop.
In addition, 25% is allocated to the team, 25% to investors, and 15% to the foundation.
Starknet updated roadmap: short-term focus shifts to reducing fees
Ethereum Layer 2 network Starknet released its latest roadmap and said that as demand for Ethereum blobs has steadily risen to significant levels, the project’s short-term focus has shifted back to reducing fees.
According to the roadmap, Starknet plans to launch Phase 1 of STRK staking in November this year, which will further advance its decentralization process, unlock new use cases for STRK tokens, and expand new business use cases on Starknet. Secondly, Starknet plans to implement stateless compression and squash-pricing in version v 0.13.3 in December this year to reduce network fees. Next, Starknet plans to implement stateful compression in version v 0.13.4 in February 2025 to continue to reduce fees, improve devX by supporting try/catch mode, and introduce L2 gas as a protocol-level resource to encapsulate all L2 native computing, storage, and bandwidth without coupling with the L1 resource market. In addition, Starknet plans to implement 2-second blocks, memory pools, fee markets, and other pending features in version v 0.14.0 in April 2025.
Tether announced that it will coordinate with multiple exchanges to transfer more than 2 billion USDT from cold wallets to Ethereum. During this process, the total amount of USDT will not change.
Among them, there are 1 billion TRC 20, 600 million AVAX, 300 million NEAR, 75 million CELO, and 60 million EOS.
