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Coinbase CEO Brian Armstrong's wealth surged by over $2 billion following a 31% spike in the company's stock after the election, attributed to the success of pro-crypto candidates. Armstrong, a major investor in Coinbase, emphasized the election's significance for the crypto industry, while the company continues to advocate for a favorable regulatory environment amid ongoing legal challenges from the SEC. With substantial financial backing for pro-crypto PACs, Coinbase aims to influence future legislation and strengthen its position in Washington.
Donald Trump, celebrating a potential election victory, made significant promises to the crypto industry, including maintaining U.S. bitcoin holdings and firing SEC Chairman Gary Gensler. He proposed a presidential advisory council for crypto and emphasized the importance of U.S.-based bitcoin mining, asserting that his administration would support the industry against regulatory challenges. With a Republican-controlled Senate, Trump aims to create a more favorable environment for digital assets.
Tesla's Frankfurt-listed shares surged over 14% following positive sentiment around a potential Republican win in the US presidential race, with Elon Musk, the company's top shareholder, backing Donald Trump. Additionally, Coinbase Global shares opened up 16% in Frankfurt, buoyed by a record surge in bitcoin prices exceeding $75,000.
Bitcoin supporters celebrated as Bernie Moreno defeated incumbent Ohio Senator Sherrod Brown, a key figure against crypto, in a race heavily funded by the crypto industry. With $40 million spent, Moreno's victory signals a shift towards a more pro-crypto Congress, as over 219 crypto-friendly candidates were elected nationwide. Following the election, Bitcoin surged to a record high above $75,000, reflecting the industry's optimism.
European stocks are set for a lower open as global markets react to early U.S. election results favoring Donald Trump, with Dow futures rising over 480 points and Bitcoin hitting a record $75,000. Treasury yields also climbed, reflecting expectations of potential Republican policies that could impact inflation and tariffs. Analysts anticipate volatility in the markets, with differing strategies depending on the election outcome.
Crypto's political spending surged to over $245 million in the 2024 election cycle, with the largest super PAC, Fairshake, investing heavily in key races to support pro-crypto candidates like Steven Horsford in Nevada. Ads often focused on traditional issues rather than crypto, aiming to appeal to a broader voter base. Notably, $40 million targeted Ohio Sen. Sherrod Brown, a vocal critic of the industry, highlighting the strategic approach of crypto advocates in shaping electoral outcomes.
U.S. markets rallied as investors awaited election results, with major indexes gaining at least 1%. While the sitting president's influence on the stock market is limited, individual sectors may react to policy changes. Analysts suggest that any market volatility post-election could present buying opportunities, as the economy remains robust regardless of the election outcome.
Bitcoin's value surged over 400% from November 2020 to November 2024, while Solana skyrocketed nearly 11,000%. Despite regulatory challenges, the crypto market has made significant strides, with stablecoin assets under management increasing to $177.83 billion. Looking ahead, the market is expected to continue its growth trajectory beyond the 2024 US elections, driven by ongoing innovations and adoption in decentralized finance and tokenization.
Bitcoin hovered around $69,000 on election night, with investors bracing for volatile trading as they awaited election results. A win for Trump could push prices to new highs, while a Harris victory might trigger a short-term sell-off. Historically, bitcoin has seen significant gains in the months following elections, influenced by supply changes and Federal Reserve policies.
Swift, in collaboration with UBS Asset Management and Chainlink, has successfully piloted a blockchain tokenized fund initiative under Singapore’s Project Guardian. This program aims to streamline fund transactions by automating subscription and redemption processes, enhancing efficiency and transparency without requiring a universal blockchain payment system.Meanwhile, Moonwell, a leading lending platform on the Base blockchain, has seen its token drop to $0.07113, 36% below its all-time high, despite a significant increase in total value locked. Analysts suggest this pullback may present a buying opportunity, with predictions of a potential surge to $1.50 by year-end.
Coinbase Global, Inc.
Companies
| Symbol | COIN |
| Name | Coinbase Global, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | DE |
| City | Wilmington |
| Zipcode | 19801 |
| Website | http://www.coinbase.com |
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