Headlines
Trump announces victory.
On the morning of November 6 local time, U.S. Republican presidential candidate Trump announced victory in the 2024 presidential election.
Bitcoin surpasses Meta to become the ninth-largest asset by market capitalization globally.
According to Bitcoin Magazine, Bitcoin has surpassed Meta to become the ninth-largest asset by market capitalization globally.
A Republican majority in the Senate may mean that Congress will be more supportive of cryptocurrencies.
The U.S. Republican Party gained control after securing key Senate seats in Ohio and West Virginia, meaning the Republicans have obtained majority control of the U.S. Senate, which brings a bright prospect for cryptocurrency regulation, as the Republican-led Senate is expected to prepare clearer cryptocurrency regulations, indicating a shift in U.S. policy favorable to the industry. It is reported that the U.S. Senate may ultimately clarify cryptocurrency regulatory provisions, and the new Senate may review postponed business-friendly bills, such as the Digital Commodities Consumer Protection Act, which would grant exclusive jurisdiction over digital asset trading to the Commodity Futures Trading Commission (CFTC).
Industry news
The yield on the U.S. 30-year Treasury bond rose by 23 basis points.
The yield on the U.S. 30-year Treasury bond rose by 23 basis points, marking the largest single-day increase since 2020.
CME FedWatch: A 25 basis point rate cut by the Fed in November is still nearly fully priced in.
According to CME FedWatch, a 25 basis point rate cut by the Fed in November is still nearly fully priced in, with the likelihood of a further rate cut in December at about 66%, down from 77% on Monday.
Institutions: Trump's presidency may mean a weakening of the Fed's dovish stance.
French foreign trade bank senior economist Gary Ng stated that due to Trump's trade tariffs and tax cuts, which may lead to rising inflation pressures and an expanding fiscal deficit, the Federal Reserve's dovish stance may not be as strong as before.
Analysis: Regulatory headwinds for the cryptocurrency market have turned into tailwinds after Trump's victory.
Led by Gautam Chhugani, Bernstein's analysis team stated that after Donald Trump won the election, the regulatory headwinds for the cryptocurrency market have turned into tailwinds. Analysts also reiterated the bullish cycle target for Bitcoin to approach $90,000 by the end of this year and reach $200,000 in 2025, anticipating that the new 'cryptocurrency-friendly' Chairman of the SEC and Senate Banking Committee will accelerate regulatory transparency in the industry.
JPMorgan forecasts that the Federal Reserve will cut rates once per quarter starting in March 2025.
JPMorgan has revised its 2025 Federal Reserve rate forecast to cut rates once per quarter starting in March.
U.S. Election
AP: Republicans win a majority in the U.S. Senate.
According to the AP: Republicans win a majority in the U.S. Senate.
Elon Musk: Several Democrats have expressed a desire to imprison me, nationalize my company, but it is insignificant compared to the pressure from Trump.
In an interview with Elon Musk by TCN, American journalist Tucker Carlson asked, 'How much pressure has closing the X platform put on you?' Musk replied, 'Aside from several Democrats saying they want to imprison me, cancel my company's government contracts, nationalize my company, deport me as an illegal immigrant, and arrest me because I am Putin's best friend, not much.' Musk then retweeted, saying, 'Of course, all these things put a lot of pressure on me, but compared to President Trump, it is insignificant, as they tried to kill him twice, bankrupt him, and imprison him forever.'
NBC: All polling stations for this presidential election have closed.
NBC reports that all polling stations for the 2024 U.S. presidential election have closed.
Polymarket's execution results for the U.S. presidential election betting will be determined as Trump winning.
The cryptocurrency prediction market Polymarket will determine the execution results for the U.S. presidential election betting as Trump winning, as the AP, Fox News, and NBC have all confirmed Trump's victory, meeting their result recognition criteria.
Bernstein: The SEC and Senate Banking Committee are expected to adopt a friendly stance towards cryptocurrencies after Trump took office.
Bernstein stated that the SEC and Senate Banking Committee are expected to adopt a friendly stance towards cryptocurrencies after Trump took office, and it is anticipated that crypto assets will be re-rated, as it is still unclear whether these assets qualify as securities. Furthermore, stablecoin and market structure legislation may progress more quickly, benefiting stablecoin issuers like Circle and Paxos, as well as cryptocurrency exchanges and broker-dealers in the U.S.
Project news
Swell will open airdrop claims on November 7 at 17:00, with 8.5% of the total supply allocated to the Voyage airdrop.
Re-staking protocol Swell Network announced that SWELL claims will open on November 7 at 17:00, and it will publish the SWELL token economic model. The total supply of SWELL is 10 billion, with an initial circulating supply of 13%. 35% of SWELL is allocated to the community, with 8.5% of the supply allocated to the Voyage airdrop, 7% of the total supply will be distributed linearly based on each Voyager's accumulated white pearls, and another 1.5% will be allocated to the most loyal stakeholders based on its loyalty bonus method. Claims can be made within a maximum of 6 months after the opening, after which unclaimed tokens will be returned to the DAO for future plans. Users can re-stake SWELL (rSWELL) after claiming the SWELL airdrop. Additionally, 25% is allocated to the team, 25% to investors, and 15% to the foundation.
Starknet updates roadmap: Short-term focus has shifted to reducing fees.
Ethereum Layer 2 network Starknet released its latest roadmap, stating that as the demand for Ethereum blobs steadily rises to significant levels, the project's short-term focus has shifted back to reducing fees. According to the roadmap, Starknet plans to launch the first phase of STRK staking this November, further advancing its decentralization process, unlocking new use cases for STRK tokens, and expanding new business cases on Starknet. Next, Starknet plans to implement 'Stateless compression' and 'squash-pricing' in the v0.13.3 version in December to reduce network fees. Following that, Starknet plans to implement 'Stateful compression' in the v0.13.4 version in February 2025 to continue lowering fees, which will improve devX by supporting try/catch patterns and introduce L2 gas as a protocol-level resource to encapsulate all L2 native computation, storage, and bandwidth without coupling with L1 resource markets. Additionally, Starknet plans to implement 2-second blocks, memory pools with fee markets, and other pending features in the v0.14.0 version in April 2025.
Tether: Will coordinate with multiple exchanges to transfer over 2 billion USDT from cold wallets to Ethereum.
Tether issues a statement that it will coordinate with multiple exchanges to transfer over 2 billion USDT from cold wallets to Ethereum, during which the total amount of USDT will not change. This includes 1 billion TRC 20, 600 million AVAX, 300 million NEAR, 75 million CELO, and 60 million EOS.
