Harris lost the election, Biden took the blame, Musk's wealth increased by $20.9 billion

Headlines

▌Harris loses election, Biden blamed for not quitting sooner

American Democrats are surrounded by anger and introspection after Vice President Harris lost the election, leaving some Democratic officials and voters stunned. Some of the underlying reasons for Harris's defeat have raised questions about the party's future. The sharpest criticisms include accusations that the party lied to its supporters about President Biden's mental health, until a disastrous televised debate with Trump in June sounded the alarm and ultimately led to his withdrawal from the presidential race. A Democratic donor asked: "Why did Biden hold on for so long? He shouldn't have concealed his (health condition) and should have withdrawn earlier."

▌Musk's wealth increased by $20.9 billion, firmly occupying the throne of the world's richest man

After Trump, who was supported by Musk, won the US presidential election, Tesla (TSLA.O) closed up 14.75% on Wednesday in the United States. Data from the Forbes Rich List shows that Tesla's surge has increased the wealth of the company's founder and CEO Musk by US$20.9 billion in a single day, bringing his total assets to US$285.6 billion, far exceeding Jeff Bezos, who ranks second on the world's richest list.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $75,667.41, with a daily increase or decrease of +8.9%;

ETH's latest transaction price is $2,720.81, with a daily increase or decrease of +12.1%;

BNB's latest transaction price is $592.42, with a daily increase or decrease of +5.0%；

SOL's latest transaction price is 186.86 US dollars, with a daily increase or decrease of +11.9%；

DOGE's latest transaction price is 0.1958 yuan, with a daily increase or decrease of +14.8%；

XPR's latest transaction price is 0.5424 US dollars, with a daily increase or decrease of +5.4%。

Policy

▌Bernstein Analysts: Crypto Regulatory Headwinds Have Turned Tailwinds After Trump's Victory

After Donald Trump won the U.S. presidential election, analysts at research and brokerage firm Bernstein said that regulatory headwinds for cryptocurrencies have now turned into tailwinds - and the market is "far from pricing in this shift."  

The team of analysts led by Gautam Chhugani told clients in a note on Wednesday that they expect the new "crypto-friendly" SEC chairman and Senate Banking Committee to accelerate regulatory clarity for the industry.  

Chhugani noted that the crypto industry is seeking new rules to define digital assets as assets other than securities, the applicability of broker-dealer laws to crypto exchanges and DeFi, accelerate the approval of investment products such as ETFs, and allow banks to own and custody cryptocurrencies.

▌Trump campaign: Trump recognizes Harris' strength and professionalism, and the two reached a consensus

The Trump campaign issued a statement on November 6 local time, saying that earlier that day, Trump spoke with Harris, and Harris congratulated Trump on his historic victory. Trump recognized Harris' strength, professionalism and resilience throughout the campaign, and the two leaders reached a consensus on the importance of national unity.

Blockchain Application

▌JPMorgan Chase renamed its blockchain platform Kinexys

JPMorgan Chase announced that it would rename its blockchain platform Onyx to Kinexys and add on-chain foreign exchange settlement functions for the US dollar and the euro. The banking giant is one of the early leaders in applying blockchain technology to traditional financial activities and has executed more than $1.5 trillion in transactions since its inception. In addition, JPM Coin has been renamed Kinexys Digital Payments.

▌Sonic will take a snapshot of wallets holding six different Sonic Shards on December 1st for minting exclusive NFTs

According to official news, Sonic Labs announced that it will take a snapshot of each wallet holding six different Sonic Shards at 20:00 Beijing time on December 1st. Once the chain is online, all eligible wallets will be whitelisted to mint exclusive NFTs on Sonic to earn points for the upcoming S airdrop of approximately 200 million S.  

Shards obtained through secondary markets (such as PaintSwap) will also be eligible, provided they are held before the snapshot date. The team will unveil the exclusive NFT design closer to the minting release.

Cryptocurrency

▌Bitwise CIO: We are entering the golden age of cryptocurrency

Bitwise CIO said, "We are entering the golden age of cryptocurrency, and we will see a strong bull market in the next few years."

▌CNBC: Bitcoin price may reach $100,000 before the presidential inauguration

CNBC said that the price of Bitcoin may reach $100,000 before the presidential inauguration.

▌Trump's victory drives Bitcoin to a new high, and crypto stocks soar across the board

Trump's victory in the 2024 presidential election pushed Bitcoin to a new high of about $76,000, while U.S. stocks closed generally higher on Wednesday. Coinbase's stock price soared 31%, and the stock prices of several Bitcoin mining companies including Cipher Mining and Riot Platforms rose by more than 20%. Robinhood platform night trading volume hit a record, with the three most popular trading stocks being Coinbase, MicroStrategy and IBIT. In addition, BlackRock's IBIT Bitcoin ETF had a trading volume of $1 billion in the early stages of regular trading, attracting market attention.

▌Galaxy CEO: Trump's victory may bring "hundreds of billions of dollars" to the crypto ecosystem

According to Bitcoin Magazine, Galaxy CEO Mike Novogratz said in an interview with CNBC that he saw a "major shift in energy" in the crypto industry after Trump's victory, which may bring "hundreds of billions of dollars" to the crypto ecosystem.

▌WLFI token sales supported by Trump's family were not boosted after his victory

Data shows that WLFI (World Livity Financial) token sales were not boosted after Trump's victory. In the past 24 hours, WLFI tokens sold less than 100,000 pieces, less than $1,500.  

According to Dune Analytics, World Liberty Financial’s governance token WLFI has generated $14.8 million in sales since its launch on October 15, with the majority (about $10 million) generated on the first day of sales. In a filing with the U.S. Securities and Exchange Commission last week, the project said it is now aiming to raise $30 million (originally $300 million).

▌Pump.fun’s monthly revenue hits a record high of $30.5 million

Data shows that Solana’s ecological token issuance platform has hit a record high in monthly revenue, with revenue reaching $30.5 million in October, a 111% increase from the total of the previous month, and also surpassing the previous monthly record of $28.64 million set in July.  

Among them, the GOAT token, which is "backed" by the AI ​​agent @truth_terminal on X, became the most valuable token ever from pump.fun, with a market value peaking at $920 million on October 24, 2024.

▌BlackRock Spot Bitcoin ETF Trades $1 Billion in 20 Minutes After Trump's Victory

The day after Donald Trump won the U.S. presidential election, BlackRock Spot Bitcoin ETF (IBIT) surged to $1 billion in trading volume within 20 minutes of opening. "IBIT's trading volume reached $1 billion in the first 20 minutes, which is almost its entire day's trading volume, and other Bitcoin ETFs are facing the same situation, with crazy trading volume. It is expected to set a record for trading volume," said Eric Balchunas, senior ETF analyst at Bloomberg.  

BlackRock Bitcoin ETF manages about $30 billion in assets, higher than other Bitcoin ETF products. As of 1:10 p.m. ET on Wednesday, BlackRock, Fidelity and Grayscale's spot Bitcoin ETFs all traded up about 8%, according to Yahoo Finance.

Important Economic Dynamics

▌Jefferies: The pace of implementation of Trump's policies will dominate the future trend of the dollar

Brad Bechtel, global head of foreign exchange at Jefferies Group, said the dollar started strong, driven by Trump's election as U.S. president, but future trends will depend largely on the pace of policy implementation. "I can see the potential for continued appreciation of the dollar over time, but I don't think it will be immediately repriced," Bechtel said. In Trump's first administration, he was groping his way in Washington, and as he gained experience, he could move faster on tariffs and regulatory reforms. But that's not guaranteed, and much still depends on whether the Republicans can win the House of Representatives. Bechtel said: "From now on, we need to see whether this will be a red wave: this will determine how quickly the market moves to a broader level."

▌Institutions: The Fed will continue to rely on data, and Trump's policies have limited short-term impact

Archie Hart, a strategist at asset management company Ninety One, said that the Fed is likely to continue to make policy decisions based on existing data during the formation of Trump's new administration. Volatility is possible. The market will react to Trump's remarks. Trump's policies are not expected to have a meaningful impact on the economy until at least 2026. This means that despite the initial market reaction, the outlook for interest rates in the near term should not change much.

▌The probability of the Fed cutting interest rates by 25BP in November is 99.4%

According to CME's "Fed Watch", the probability of the Fed cutting 25 basis points by November is 99.4%, and the probability of a 25 basis point cut is 0.6%. The probability of a cumulative 25 basis point rate cut by December is 32.0%, the probability of a cumulative 50 basis point rate cut is 67.6%, and the probability of a cumulative 75 basis point rate cut is 0.4%.

Golden Encyclopedia

▌What is the Aptos Blockchain?

Aptos aims to be a fast, scalable and reliable blockchain that supports decentralized applications (DApps) and aims to accelerate the development of Web3. Avery Ching and Mo Shaikh launched the Aptos Blockchain on October 12, 2022. It is designed to achieve high throughput and low latency, which means it can process approximately 160,000 transactions per second and verify them in less than 1 second on average. Aptos technology natively integrates the Move language to provide these fast, secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything you need to "build your big idea", and even combines artificial intelligence to make Web3 easy for novices and experts.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.