Bitcoin faces optimistic pre-election outlook
Bitcoin (COIN:BTCUSD) has risen by 3.6% in the last 24 hours, reaching $70,223, driven by investor optimism surrounding the upcoming US presidential election. This election will determine control of the White House and Congress, which will directly impact cryptocurrency regulations.
The presidency and Congress will shape whether the crypto market will be regulated more favorably or restrictively, affecting investors and businesses. If one party controls all branches, legislation may be delayed until 2025, while a divided Congress could accelerate regulation for or against the crypto sector. Although Kamala Harris is viewed as a potential threat to the crypto industry, Donald Trump is seen as supportive of it.
On Polymarket, Donald Trump leads Kamala Harris in presidential election predictions, but payouts will only be made if the Associated Press, Fox, and NBC agree on a clear winner. Otherwise, the market will remain open until the inauguration on January 20, 2025. A parallel market will close after the final count if there is consensus. Historically, results can take time, as seen in the Bush-Gore case in 2000 due to recounts and judicial interventions.
Bitcoin and Ethereum ETF outflows ahead of US election
On November 4, institutional investors withdrew large volumes from Bitcoin and Ethereum ETFs, marking the biggest outflows since May for BTC and since September for ETH. After Bitcoin spot ETFs saw $2.2 billion in net inflows last week, they lost $541.07 million on Monday, while Ethereum ETFs reported $63.22 million in outflows. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) had an inflow of $38.42 million, while Grayscale’s (AMEX:GBTC) and Ark’s (AMEX:ARKB) ETFs had outflows of $63.7 million and $138.3 million, respectively. Fidelity (AMEX:FBTC) also reported outflows totaling $169.6 million.
Partnership for Global Dollar Network aims to expand USDG stablecoin usage
Anchorage Digital, Bullish, Galaxy Digital (TSX:GLXY), Kraken, Nuvei, Paxos, and Robinhood (NASDAQ:HOOD) have joined forces to launch the Global Dollar Network, promoting global stablecoin adoption. The initiative offers the USDG stablecoin, backed by US dollars with reserves held by DBS Bank. The network aims to meet strict corporate standards and encourage stablecoin use in sectors like payments and investments. Paxos plans to expand the consortium to include new partners and drive global stablecoin adoption. The network, available to qualified financial firms, also provides a competitive alternative to USDT on Ethereum.
Chainlink, Swift, and UBS complete tokenized fund settlement test
Chainlink (COIN:LINKUSD), Swift, and UBS (NYSE:UBS) successfully completed a pilot to settle and redeem tokenized funds with fiat currency, part of Singapore’s Monetary Authority’s Project Guardian. The test demonstrated Swift’s infrastructure can settle off-chain tokenized funds, bridging blockchain with Swift’s network. According to Chainlink co-founder Sergey Nazarov, the pilot allows traditional investors to invest in tokenized funds using Swift transfers, fostering blockchain adoption among large investors.
Marathon and Riot report record Bitcoin production post-halving
Bitcoin miners Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) reached record production levels in October following April’s halving, which reduced rewards. Marathon produced 717 BTC, driven by a hash rate above 40 EH/s and high transaction fees, while Riot mined 505 BTC, benefiting from an increase to 29.4 EH/s. Both companies maintain ambitious hashrate goals, with Riot targeting 100 EH/s by 2027 and Marathon aiming for 50 EH/s by 2025.
Binance and Changpeng Zhao seek dismissal of SEC complaint
Binance and Changpeng Zhao have requested the court dismiss the SEC’s amended complaint, arguing that the commission ignores a prior court ruling that excludes cryptocurrencies from securities classification. Binance claimed the SEC lacks a legal basis to treat tokens sold on exchanges as investment contracts. Zhao also argued that BNB’s (COIN:BNBUSD) “blind transactions,” where buyers and sellers trade anonymously, lack investment contract characteristics, contesting demands for disgorgement and market restrictions.
MicroStrategy faces risks in aggressive Bitcoin expansion
MicroStrategy’s (NASDAQ:MSTR) plan to acquire an additional $42 billion in Bitcoin relies on favorable financing conditions and strong demand for its convertible notes. The company recently announced a $21 billion equity offering to finance the purchase but faces growing risks due to rising debt costs and dependency on Bitcoin’s appreciation. If MicroStrategy decides to sell part of its holdings, it may face tax implications and market value loss, warned CoinShares.
Metaplanet joins CoinShares Block Index, strengthens blockchain presence
Japanese early-stage investment firm Metaplanet has joined the CoinShares Blockchain Global Equity Index (BLOCK Index), a benchmark for blockchain and cryptocurrency companies. Led by CEO Simon Gerovich, Metaplanet aims to expand its global reach and attract investors interested in the growing Asian crypto market. With Bitcoin acquisitions totaling 1,108 BTC, the firm follows MicroStrategy’s model, using “BTC Yield” to assess shareholder value from its Bitcoin holdings.
Mt. Gox signals creditor repayment with billions in Bitcoin transfer
On November 4, the bankrupt Mt. Gox exchange transferred $2.2 billion in BTC to three new wallets, some of which were moved to the OKX and B2C2 exchanges. This transfer suggests that compensation to its 127,000 creditors is underway after a 10-year wait. Currently, Mt. Gox’s wallets hold $825 million in BTC. With Bitcoin prices high since its collapse, there are concerns that significant creditor sales could pressure the market.
MakerDAO community considers rebrand to “Sky” in vote
MakerDAO (COIN:MKRUSD) token holders are voting on whether to keep the recent “Sky” brand as part of the “Endgame” strategy, which introduced the USDS stablecoin. The non-binding poll shows support for the Sky name but with low participation. MakerDAO founder Rune Christensen emphasized that the decision should focus on product and growth. The rebrand has faced challenges, including a 40% drop in MKR token value, causing confusion with the dual-token structure and impacting community confidence.
TON Foundation and Curve Finance launch DeFi expansion with swap development competition
TON Foundation (COIN:TONCOINUSD) has declared 2025 the year of DeFi on the TON blockchain, beginning partnerships with Curve Finance (COIN:CRVUSD). Both hosted a competition where DeFi teams developed stable asset swaps using Curve technology, including loan and staking solutions. Torch Finance and Crouton Finance won, each securing $150,000 for audits, initial liquidity, and integration with CrossCurve. Seven venture capital firms also committed $2.3 million to boost DeFi infrastructure on TON.