cryptomatrix

Trump signs order to create a cryptocurrency working group and establish a national digital asset stockpile.

BlackRock debuts new spot Bitcoin ETF in Canada. The ETF allows investors to gain Bitcoin exposure through traditional brokerage accounts, simplifying the process and removing the complexities of direct Bitcoin custody.

Bitcoin and Ethereum ETFs attract over $1 billion in combined daily inflows as BTC consolidates back above $100,000

Coinbase premium flips positive for first time in weeks, indicating rising bitcoin demand from US investors

⚡️$BTC surges to $102000

Japan’s Metaplanet raises $61 million via bonds to buy more bitcoin

MicroStrategy founder Michael Saylor advocates for Trump-backed 'strategic bitcoin reserve' in proposal to set crypto industry standards

Apple Rejects Crypto Integration Despite CEO’s Bitcoin Support Tim Cook described his Bitcoin investment as a personal decision, reaffirming that Apple has no plans to include cryptocurrency in its payment systems or cash reserves.

Apart from prediction markets, decentralized finance (DeFi) has the potential to enter the mainstream financial market due to favorable changes in the external environment. BTCFi stands out within DeFi as the easiest to build consensus and gain legitimacy, providing it with a stronger foundation and ensuring its sustained development. After Trump’s win, crypto companies developing BTC financial tools will be motivated and have access to a more relaxed regulatory environment, solidifying BTC’s position as a foundational asset. Another promising change is that under a Trump administration, a clearer regulatory framework and a more relaxed environment will reverse the current trend of crypto companies fleeing the US and blocking US IP addresses. Meanwhile, according to Bloomberg, several crypto-related companies, including Circle Internet Financial, Kraken, Fireblocks, Chainalysis and eToro, may go public within the next few years, and other qualified crypto companies are also expected to pursue standard IPO procedures. Download a full version of the report for free here This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.

The influence of the 2024 US elections on the crypto market: Report #bitcoin #crypto #trump Explore how Trump’s presidency may shape the future of crypto and the potential impact of his policy on crypto companies. How crypto became a key issue this election season Each year, the popularity of cryptocurrencies in the US increases. This year saw some of the most notable events in crypto history, making it one of the key topics of the election cycle. Several important issues brought cryptocurrencies to the forefront of debates and election campaigns. The first one is the macro outlook, which shows some frustrating indicators. Current US fiscal policies may lead to a growing federal budget deficit, increasing the US federal debt. Widening budgetary deficits and debt burdens could risk disrupting financial markets. There are limited options to address such huge debt, and debt dilution through inflation may be the US government’s only way out of this plight. Bitcoin is deemed an effective tool to hedge against inflation, especially for the increasingly burdened working class. As a decentralized and scarce asset, it holds potential strategic significance in the face of debt and inflation pressures. Stablecoins have become another reason for the growing popularity of cryptocurrencies. Although stablecoins were launched only 10 years ago, they are one of the top 20 holders of US Treasury securities, surpassing countries like Germany. This suggests that stablecoins have become integral to the US financial system by absorbing large quantities of Treasury securities, offering additional liquidity support for the economy. The interest of voters in cryptocurrencies is unequivocally growing. A national survey conducted on Grayscale’s behalf by The Harris Poll showed that more than half of voters were more likely to vote for a candidate who was “informed about crypto” than one who was not. At the same time, interest in cryptocurrency surged among voters in swing states. Since the 2020 election, two key battleground states expected to see intense competition, Pennsylvania and Wisconsin, had jumped to fourth and fifth in crypto search interest on Google. The election’s impact on crypto During the election campaign, Trump showed a strong interest in the digital asset industry, claiming his intentions were to make the US the “crypto capital of the planet and the Bitcoin superpower of the world.” He supported Bitcoin mining and pledged to protect self-custody rights. During his campaign, Trump even bought burgers for diners using Bitcoin. He also criticized the Securities and Exchange Commission’s hardline approach toward crypto, vowing to appoint a pro-crypto chair if reelected. Trump made a series of crypto policy proposals, including creating a Strategic Bitcoin Stockpile, establishing a Crypto Presidential Advisory Council and barring the Federal Reserve from issuing a digital currency. Read more about these proposals in the full report. Despite the optimistic promises made during the election campaign, their implementation may take many years or be canceled due to the high cost of implementation. Still, we can see that the election impacted the crypto market. Prediction markets became one of the key beneficiaries of the election. Polymarket, the leader in this field, secured 80% of the volume from wagers on the presidential election. As an application developed in an onchain environment, Polymarket competes in traditional markets and holds the largest market share, which is extremely rare. Polymarket established a stable base of initial users by offering a user-friendly market and a socially beneficial strategy without ethical controversies. This helped it achieve mainstream adoption. Moreover, Polymarket’s data has been extensively adopted by multiple mainstream media outlets, and even Bloomberg Terminal began incorporating Polymarket data into its panels in August. Other Web3 protocols noticed Polymarket’s success and launched their own betting instruments.

Bitcoin Could Hit $90K by Year End if Trump Becomes President Again: Bernstein #bitcoin #crypto If Kamala Harris wins, the world's largest cryptocurrency could drop to as low as $30K, the report said.

US companies forecast to buy $10.3B in Bitcoin over next 18 months — Report The report claimed, a cash treasury “supplemented with a 3% allocation to Bitcoin” would have shielded companies from inflation since 2020.

Bitcoin just hit $53000

💎Bitcoin just hit $53000

Off the blockchain bandwagon In a world where crypto entrepreneurs are falling over each other to launch blockchains — with or without viable use cases -- Tether has decided against it. The reason? A saturated market. Tether Holdings, the issuer of world’s biggest stablecoin USDT, had toyed with the idea of launching its own distributed ledger but subsequently nixed the plan. Its CEO has signaled that the rationale involved the simplest equation in economics: supply and demand. “We are very good in technology, but I think blockchains will become almost a commodity in the future,” Paolo Ardoino, chief executive officer at Tether. “Launching a blockchain ourselves might be not the right move. There are very good blockchains.”

Bitcoin breaks $64,500

🇺🇸 US inflation falls to 2.9%, lower than expected.

Bitcoin falls today below $50,000

Proton launches self-custodial Bitcoin wallet Proton, a privacy-focused company behind solutions like the Proton Mail and Proton VPN, has launched a self-custody crypto wallet. The Swiss-based firm announced that the new ‘Proton Wallet’ will initially support only Bitcoin. As a self-custody wallet, Proton Wallet gives users full control over private Bitcoin keys. The company said it will add support for other crypto assets in due course.

“While we may seek to add fiat currency capabilities in the future, this requires a Swiss banking license and is, therefore, not possible today,” Proton founder and CEO Andy Yen said regarding support for fiat currencies.

Yen said in a blog post introducing the new product that the Proton Wallet is designed to bring Bitcoin to anyone by removing the complexities that continue to keep access away from the masses. As such, the wallet features the capacity for users to send Bitcoin via email.

Bitcoin Climbs Over $57K, With Some Saying Mt. Gox Sales Already ‘Priced In’ Markets have priced in Mt. Gox’s ongoing repayments and U.S. policies could now start influencing the market, one trading desk said. Bitcoin reversed a 4% loss to regain the $57,000 mark, with Ether surpassing $3,000. The market is shifting focus from Mt. Gox's repayments to U.S. Federal Reserve policies, with traders eyeing economic data releases and Fed Chair Jerome Powell's testimony later this week.