Ether Surges 10% as Trump Victory Brings Back DeFi Bullishness
Investors say a Trump administration will favor DeFi applications and tokenomics more, given the family’s backing of World Liberty Finance – riling up DeFi-focused trades.
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Investors say a Trump administration will favor DeFi applications and tokenomics more, given the family’s backing of World Liberty Finance – riling up DeFi-focused trades.
Analysts expect a 0.25% rate cut this week, which has historically benefited assets like BTC by diluting the dollar’s value and pushing investors towards alternative investments.
Crypto exchange Coinbase’s shares closed the day 31% higher, leading gains among digital asset-related stocks.
The blockchain industry might get a boost as former U.S. President Donald Trump wins a second term, promising to keep his promises, including a long list of Bitcoin- and crypto-related pledges.
Quinn Thompson, the founder of crypto hedge fund Lekker Capital, shared with CoinDesk why he was so confident Trump would win despite concerning polls.
If the prediction market’s traders are right – and lately, they’ve been right – the election results are even more bullish for crypto than they appear.
The broad market gauge CoinDesk 20 Index was higher by 8.2% versus bitcoin’s 6% advance following Donald Trump’s victory.
MicroStrategy and Coinbase both added 12%, with bitcoin miners also gaining more than 10% in pre-market trading.
One of the biggest trends of 2023 among the leading layer-2 projects on Ethereum was the emergence of “blockchain in a box,” where the teams encouraged developers to clone their code to spin up new layer 2s. Now, it appears, one project in particular, Optimism, appears to be pulling away as the clear leader.
Bitcoin dominance approached 61% with Solana dominance also primed to touch record high.