🚨UPDATE: Over $585M has been wiped from the crypto market i | Laraxen on Binance Square

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🚨UPDATE: Over $585M has been wiped from the crypto market in the last 24 hours.
Moonvember is just getting started. 🔥

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🔥BULLISH: #Ethereum spot ETFs saw the highest inflows since Sept. 27 with $52.3M yesterday.

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With the election of #Trump, the new president of the USA, enthusiasm continues to be experienced with the beautiful purchases that come to the markets. There will be more crypto supporting members in Congress in the House of Representatives and Senate, very good news for this crypto market, Trump won was that we would have a big dump. In the global markets, the DXY side has become stronger. With the rise of the USD Side, the indices also increased. We have Fed statements ahead of us, we will wait. I hope the good news will come one after another.

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5. Political Meme Coins Suffer Despite Trump’s resounding win, it’s been a bruising 24 hours across the board for political meme coins — a sign that this crypto trend is now in its dying embers. CoinMarketCap data shows $TRUMP has shed 23.2% of its value in the past 24 hours, with $MAGA down 38.5% and Super Trump Coin plunging 45.4%. But the biggest wipeout has been reserved for Democrat-focused tokens, including Kumula Herris (down 99.4%) and Kamala Horris (down 92.4%.) Moving away from typo-riddled altcoins signifies that traders are returning to more established cryptocurrencies, hoping to ride this latest bullish surge. In a sign that Elon Musk still holds incredible sway over the meme coin markets, only a token named “Department of Gov Efficiency” has come out on top, surging by 118.7%. That’s a nod to Trump’s suggestion that the billionaire could lead a specially created commission that would perform “a complete financial and performance audit of the entire federal government.”

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4. A Shifting Picture Nationwide Data from Stand With Crypto, a campaign group backed by Coinbase, shows 247 pro-crypto candidates have now been elected to the House of Representatives and 16 to the Senate. That picture will continue to evolve as more results trickle through. This huge shift in Congress could make it much easier for crypto-literate legislation to be enacted in the years to come. Firms across the industry have long been exasperated at regulatory uncertainty that has stifled innovation, arguing that this drives businesses offshore, depriving the US of tax revenue and resulting in fewer consumer protections. Coinbase CEO Brian Armstrong had a simple message for his followers on X: “We did it.”

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3. Anti-Crypto Politicians Ousted Beyond Trump’s pro-Bitcoin musings, 2024 will go down in history as the crypto election. The industry poured hundreds of millions of dollars into key races — with a laser-like focus on one Senate race in Ohio. That was the seat held by Democrat Sherrod Brown, one of the staunchest voices against digital assets on Capitol Hill. He’s railed against stablecoins, claimed cryptocurrencies are being widely used to finance terrorism and sidestep sanctions, and called for tight regulations. Brown was also hugely critical when several crypto firms took out star-studded adverts during the Super Bowl 2022. After learning that deep-pocketed donors were allocating huge resources to get him ousted from power, he took a defiant tone, telling reporters, “Bring ’em on.” However, with crypto-powered PACs spending $40 million on ads promoting his little-known rival, blockchain entrepreneur Bernie Moreno, Brown was financially outgunned. Moreno ended up winning the race with 50.2% of the vote. Some prominent crypto skeptics remain, with Democratic Senator Elizabeth Warren securing a third term.

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