In today’s update, Paul Veradittakit from Pantera Capital gives an overview of bitcoin’s price and the positive outlook on regulations post the U.S. election. Following that, Eric Tomaszewski from Verde Capital Management addresses queries on how these changes could impact advisors in Ask an Expert.
One of the highlights is Bitcoin hitting a lifetime high of over $93,000 as demand in the U.S. surges. Additionally, DOGE has surged over 100% in the past week with traders setting a $1 price target. Bitcoin is also approaching $90,000, while FTX has sued Binance and CZ for $1.8 billion. The article also questions whether memecoins are driving the current bull cycle.
This week’s newsletter is sponsored by L1 Advisors. You are currently reading Crypto for Advisors, CoinDesk’s weekly newsletter that explains digital assets for financial advisors. Don’t forget to subscribe to receive it every Thursday.
A Week After the Election: Can Optimism Lead to Wider Adoption?
A week after the election, the sentiment towards crypto remains optimistic. Factors such as Polymarket, bitcoin, and a potentially more efficient and crypto-friendly government are all positive signs to look out for.
Polymarket, a predictions market built on the Polygon blockchain, experienced a surge in usage leading up to the election, with over $3.2 billion bet on the election. Despite a decrease in open interest post-election, mainstream users have shown interest in using Polymarket over centralized entities. The accuracy of Polymarket has been acknowledged by mainstream media outlets like The Economist, The Wall Street Journal, and Forbes.
Bitcoin is currently at an all-time high of over $87,000, rising steadily post-election. Altcoins related to the election, such as those on Solana, have also seen a surge. The public support of bitcoin by the Trump Presidency has contributed to the rally in these coins.
Looking into the future, positive developments in crypto post the election may not have a long-lasting impact. However, a unified Republican House and Senate majority could lead to a more productive government passing legislation related to crypto. The election results have shown a higher number of pro-crypto representatives elected, which could influence crypto regulation in a favorable direction.
Furthermore, regulatory clarity in the U.S. could greatly impact the crypto industry, allowing funded companies to operate in the country and boosting the domestic market. Top DeFi protocols like Compound and Uniswap are also excited about new protocol features, and regulatory clarity could lead to innovation in the DeFi space.
In conclusion, the outlook for the crypto industry post-election is positive, with the possibility of unexpected wins under a unified House and Senate. The article also features a Q&A section with an expert discussing how blockchain-based prediction markets could redefine election participation, the implications of the election for crypto and blockchain tech, and the viewpoint of financial advisors on prediction markets.
Additional Insights:
– The BlackRock IBIT bitcoin ETF set records on the U.S. election day, with over $4 billion traded.
– JP Morgan expresses bullish sentiments towards bitcoin as it hits a new all-time high.
– Security Token Advisors have released their monthly report on real-world assets (RWAs).
