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Republicans are back in the White House. Trump and Co. face the crypto test ahead. Bitcoin smashes through all-time high, touches $75K. Polymarket and Kalshi record $4B worth bets.
It’s Wednesday and the verdict is out. Republicans are partying, and so is the crypto world. We bring you the daily crypto dispatch right in your inbox.
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A Trump Triumph.
Republicans celebrate again after almost eight years.
But you know who else is TRUMPeting? Bitcoin and crypto community.
For all the promises and assurances he has made (more on it later) to the crypto folks … You ought to be celebrating.
$75,383 - A week later, but it finally gets there.
Bitcoin registers a new all-time high after eight months.
The Bitcoin movement was not surprising, though.
Most analysts saw this coming: a positive Bitcoin outlook if Trump enters White House again.
And guess what? The crypto world didn’t even wait for the official call.
Bitcoin started peaking even as early results started pouring in, showing Trump ahead with 198 electoral votes to Harris's 112.
Read: Trump v Harris Showdown and Bitcoin 🔮
But there was someone else who called the elections before anybody else.
Prediction markets
Trump's odds hit 62% on Polymarket
Similar trend on Kalshi (58%)
Combined betting volume? Nearly $4 billion
Polymarket alone registered $3.6 billion in bets
Kalshi's election market: $247 million
Record-breaking $463 million open interest on Polymarket
Both platforms also hit milestones
Kalshi ranked as #1 finance app on Apple’s App Store
Polymarket? #4 spot
What a way to silence all the critics challenging the validity of Polymarket trades?
Read: Can Polymarket Whales Sway US Voter Sentiment? 🐋
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What Trump 2.0 Means for Crypto?
The elections are all but done.
But crypto’s journey isn’t.
In fact it is just getting started. In a way.
Read: Hello Bitcoiners 👋
Promises he made
Making US the "crypto capital"
"America should be the home of digital innovation” -Miami Crypto Conference, September 2024
Clear guidelines, simplified regulations, business-friendly framework
Firing SEC's Gary Gensler
"Gary has to go. First day, he's out" - Nevada Rally, Oct 2024
Challenge: Term ends April 2025; may face legal hurdles for immediate removal
All Bitcoin made in USA
"I want all the remaining Bitcoin to be MADE IN THE USA!" - Truth Social, June 2024
Strategy: Tax breaks for green mining, easier regulations for operators
No CBDC Policy
"We will never allow them to take away your financial freedom" - Texas Speech, Oct 2024
Action: Day-one executive order to halt Fed's digital dollar development
Crypto Advisory Council
"We're bringing the best minds in crypto to guide policy" - CNBC Interview, Sept 2024
Goal: Industry leaders to shape future crypto regulations
Strategic Bitcoin Reserve
"Every Bitcoin seized will build America's future" - Campaign Document, Aug 2024
Based on: Senator Lummis's framework for holding seized crypto
Free Ross Ulbricht
"I will commute Ross's sentence. His punishment was too harsh" - Truth Social, Oct 2024
Not to forget, his own crypto project - World Liberty Financial (WLFI), that didn’t do as well as expected.
Read: Trump's WLF: Triumph or Fiasco? ⚠️
Token Dispatch View
Trump’s previous stint at the White House may give him an edge in handling some issues during his second outing.
But for someone who called Bitcoin a scam less than half a decade ago, it’s not going to be easy to meet the asks of the crypto industry when Trump enters the White House in January next year.
Definitely a lot more difficult than pulling off promises in his election rallies and campaigns.
But, if we know one thing, then it’s that "the Bitcoin genie is out of the bottle,” like Bernstein analysts wrote earlier, projecting $80K-$90K in the short term under Trump.
Well, at $75K, we're already halfway there.
Bitcoin has packed its bags for its journey towards the $100K mark? And you?
The Surfer 🏄
Donald Trump's election victory is expected to create a more favorable regulatory environment for cryptocurrency in the US, with promises to fire SEC Chair Gary Gensler and establish a national Bitcoin reserve.
Polymarket has resolved its US presidential election market after major news outlets declared Donald Trump the winner, with over $3.5 billion in trading volume recorded ahead of the election.
Senator Elizabeth Warren has successfully defended her seat in Massachusetts, defeating Republican challenger John Deaton, supported by the crypto industry. Warren's victory marks her fourth term. She has been a vocal critic of the crypto sector and has advocated for stringent regulations.
French trader Théo who made headlines after placing a $26 million bet on Polymarket is set to win a jackpot of ~$49 million in winnings following Donald Trump's election victory. Trades totalling over $3.5 billion in volume were recorded during the election cycle on the platform.
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So long. OKAY? ✋
Crypto world’s partying, but Trump’s promises still face plenty of legal and regulatory hurdles. Will he really deliver?
Bitcoin’s new all-time high is just the start if Trump pushes his “crypto capital” vision—$100K is back on the radar.