Bitcoin Breaks New All-Time High as Trump Wins Election

Bitcoin Breaks New All-Time High as Trump Wins Election

Bitcoin surged to a record high above $75,000 as Donald Trump’s favorable election results boosted his odds to 99% on the betting platform Polymarket. Traders view a Trump victory as favorable for crypto, positioning him as more industry-friendly compared to Democratic candidate Kamala Harris.

The increase was driven by a $94 million liquidation of bearish bets against Bitcoin, alongside a significant premium on Coinbase, indicating renewed US demand. DOGE also experienced a notable 20% rally, driven by strong retail interest and a nod from Elon Musk toward “D.O.G.E.” as a government efficiency initiative.

Futures tracking DOGE recorded over $30 million in short liquidations, showing brisk demand for meme coins, and open interest increased to 8.3 billion tokens. Dog-themed tokens like SHIB, FLOKI, and BONK saw similar gains, adding 16% on average and further reinforcing the trend driven by the election’s pro-crypto sentiment.

‍

Elizabeth Warren Wins Senate and Maintains Crypto Opposition

Senator Elizabeth Warren, known for her anti-crypto stance, won her fourth term, defeating pro-crypto Republican John Deaton. Warren has pushed for stricter crypto regulation, backing an anti-money laundering bill that would apply banking standards to crypto activities. Her win preserves her position on the Senate Banking Committee, which oversees crypto regulation.

Deaton received support from industry figures, including Ripple CEO Brad Garlinghouse, as he criticized the SEC’s regulatory approach. In debates, Warren called out Deaton’s crypto ties, claiming his campaign was heavily funded by industry donors. With Warren’s re-election, her influence on crypto regulations and the SEC’s approach will likely continue.

‍

Binance and CZ Seeks Dismissal of SEC Complaint

Binance and former CEO Changpeng Zhao’s legal team filed a motion to dismiss the SEC’s amended complaint, as the SEC lacks clarity in defining crypto regulations. They claim the SEC treats nearly all crypto transactions as securities, which stifles innovation. Binance’s motion also highlights inconsistencies, like the recently dropped claims about Ethereum being a security.

The motion argues that secondary market sales should not be classified as securities, following a prior court suggestion. Binance accuses the SEC of arbitrary enforcement, further clouding industry standards. This lawsuit adds to Binance’s regulatory challenges, alongside the Department of Justice’s previous $4.3 billion fine.

‍

Swift, UBS, Chainlink Complete Tokenized Fund Pilot

Swift, UBS Asset Management, and Chainlink have successfully piloted a tokenized fund settlement under Singapore’s MAS Project Guardian. Using Swift’s network, the pilot connected tokenized transactions with traditional fiat payments, allowing for seamless on-chain and off-chain transactions. This is notable as it doesn’t require blockchain-specific payments, making tokenized finance more accessible.

UBS recently launched a tokenized money market fund on Ethereum in response to rising investor interest. Chainlink’s Sergey Nazarov stated that off-chain payment integration improves capital flow, boosting digital finance’s potential. MAS’s Deputy Managing Director Sing Chiong noted that scaling these initiatives remains a challenge but offers significant potential.

‍

Data of the Day

Bitcoin’s increasing market cap dominance has lowered the ether-to-bitcoin ratio to a three-year low of 21.15%, indicating a strong institutional preference for Bitcoin. As ETFs make Bitcoin more accessible, its “digital gold” appeal resonates with traditional investors over Ethereum’s more complex utility.

Institutional demand has driven Bitcoin’s growing market share and price performance, with media coverage often emphasizing its role as a store of value. Although Ethereum offers technological diversity, its narrative is less straightforward for new institutional entrants.

‍

More Breaking News

• Hamster Kombat’s user base dropped 86% since August, while new competitor Paws attracted over 20 million users in its first week.
• Bybit received a Virtual Asset Service Provider license from the National Bank of Georgia, aligning with local regulations.
• Circle CEO Jeremy Allaire highlighted stablecoins' role in streamlining trade, with new partnerships aiming to improve cross-border transactions.
• An accidental token created by ZachXBT through the Zora protocol reached a $3.4 million market cap, despite being initially intended as a free digital collectible.
• US Bitcoin ETFs saw $541 million in net outflows on Monday and $117 million on Tuesday, following record inflows last week.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.