Market Analysis – Trump was officially elected as the President of the United States, detonating the cryptocurrency market
Yesterday can be said to be a very crazy day. Cryptocurrencies began to rise when the votes were cast in the United States. In the end, Trump also successfully won the White House. The Republican Party led by Trump won the majority in both the Senate and the House of Representatives. It can be described as a comprehensive victory. , BTC also broke through the March historical high of US$73,777 around 4 o'clock this morning, reaching a maximum of US$76,400, setting a new historical high. It can be said to be a historic moment, and it is also in line with the Q4 market expected in previous weekly reports. Overall The cryptocurrency market has also experienced a long-awaited surge, sweeping away the haze of last week's sharp decline. The profit rate of the BULL copy investment group in the past seven days has also reached nearly 30%.
The two tracks with the largest gains yesterday were DeFi and dog-related meme coins. The former mainly benefited from Trump’s policy of relaxing relevant financial regulations. He also made many bullish remarks related to Defi at the Bitcoin Conference. Trump’s assumption of office is undoubtedly It is to untie the shackles of DEFI in the United States. AAVE and UNI have risen by more than 40% in one day. Together with ETH, the pledge agreement has also risen sharply. Pendle and LDO have also seen very considerable increases.
In terms of current operations, if you don’t have too many positions or spot stocks, don’t worry. You can gradually build spot positions. The recommended currencies have been mentioned in previous weekly reports, but it is definitely not recommended for investors who want to use contracts to increase leverage. Because the current bullish sentiment in the market is very strong, the market is likely to face a correction in the short term. The profit-loss ratio of using leverage to pursue orders is not good now. The contract market will continue to clean up the chips on the market, just like yesterday's big pull. The rise directly triggered a total of 426 million US dollars of short orders on the entire network, setting the largest amount of short orders in the past six months. The best thing is to wait for the market to cool down slightly before entering the market.
The current general structure is a bull market, and it is still following the honeymoon trend after Trump was elected. Many currencies seem to have risen a lot, but the bear market in the past six months has caused the market value to fall by more than half, and it is still far away from the high point, so Investors do not need to be too FOMO. The easiest time to lose money is the current environment, which will make investors ignore potential risks. The FOMC meeting postponed due to the election will be held on Friday. Although the market is generally expected to drop 25bp, it may Again causing volatility in the market. Instead, we can focus on ETH in the near future. In addition to the relatively low base period, ETH has also broken through the pressure zone driven by this wave of profit, and has the opportunity to drive a wave of copycat season in the market.
Improved regulatory environment helps DeFi concept track
Since Trump won the election, the cryptocurrency market seems to have ushered in the next stage of the bull market cycle. Almost all currencies have experienced significant rises. Among them, the growth of the decentralized finance (DeFi) concept sector has been quite significant. . According to data from Coingecko, the market capitalization of the overall DeFi track has increased by approximately 17% in the past 24 hours. We believe that the reason why the DeFi track has regained attention is mainly affected by the results of this election.
Holding Ethereum vs. DeFi before the election is much riskier than holding BTC, as most Democratic government actions are directed at ETH or DeFi projects. However, Trump and the Republican Party have always tended to support cryptocurrency in terms of policy.
In addition to Trump's victory this time, the Republican Party also controls most seats in the Senate and House of Representatives. According to statistics from standwithcrypto, there are 261 pro-cryptocurrency candidates in the House of Representatives, while 17 prospective senators support cryptocurrencies in the Senate, and pro-cryptocurrency lawmakers have a majority in both chambers.
In other words, the potential risks of holding Ethereum and DeFi projects may have dissipated, replaced by a regulatory environment more conducive to innovation and DeFi development.
The subsequent development of Ethena deserves attention
In the DeFi track, we believe that Ethena, which we have mentioned before, is still worthy of everyone’s attention. Since we expressed our optimism about ENA in the September weekly report, it has achieved an increase of about 60%, and we still believe that ENA is worthy of everyone's focus, except that the bull market is beneficial to users' interest rates in the Ethena protocol (the increase in the bull market funding rate = what Ethena can provide In addition to interest rate increases), market maker Wintermute also recently released a proposal by Ethena's risk committee, proposing to allocate a portion of the protocol's revenue to ENA token pledgers, which will give more value to ENA tokens.
However, it should be noted that Wintermute also requires the foundation to disclose the structural framework of the Ethena protocol, especially regarding the flow of protocol revenue, and whether it is willing to introduce a revenue distribution mechanism for sENA. To put it simply, Wintermute requires officials to explain whether the protocol revenue flows to the shareholders of developer Ethena Labs or is 100% retained by the protocol (and a portion is distributed to ENA stakers). The official response will lead to two completely different results.
If the official confirms that part of the income flows to shareholders and refuses to formulate an income distribution mechanism for ENA, it may have an impact on the ENA currency price; conversely, if the team confirms that all income is reserved for the agreement and proposes a complete income distribution structure, it will Provide further upward momentum for the ENA token.
Dogecoin’s next surge opportunity
In addition to DeFi, Dogecoin (DOGE), which was mentioned many times in this election because of Musk, has also hit new highs in recent days. We believe that Dogecoin’s upward momentum may weaken as the election campaign ends.
However, around the time when Trump takes office on January 20, 2025, and when Musk officially enters the Department of Government Efficiency (D.O.G.E) to lead the State Council, Dogecoin will have the opportunity to be pushed up again due to the market’s attention. .
Binance Copying Analysis GTRadar – BULL
Copy link GTRadar – Balanced
Copy link GTRadar – Potential public chain OKX
Follow the link
The yields of "GTRadar - BULL", "GTRadar - Balance" and "GTRadar - Potential Public Chain OKX" in the past 7 days are +29.01%, +5.79% and 2.85% respectively, and the yields in the past 30 days are +17.39 respectively. %, -5.43% and -7.25%.
Currently, "GTRadar – BULL" holds 90% of its net long positions, mainly in BTC and ETH.
Currently, "GTRadar - Balanced" holds about 50% of its net long positions, mainly SOL and ETH.
Currently, "GTRadar - Potential Public Chain" holds about 40% of its net long positions, mainly SOL and ETH.
The long-term returns of a follower who often changes his investment portfolio are not as good as those of a follower who continues to follow a single group. Don’t end the follower easily just because of a short-term retracement. Judging from the curve, the retracement is a good time to start following. In and out, on the contrary, the yield rate will be significantly reduced.
Hot news
MicroStrategy plans to raise $42 billion over next three years to buy more Bitcoin
MicroStrategy, the listed company that holds the largest number of Bitcoins in the world, announced its third-quarter financial results last week, with highlights including a 5.1% increase in its “BTC yield.” In addition, MicroStrategy announced its "21/21 Plan" (21/21 Plan), which aims to raise US$42 billion in the next three years, of which US$21 billion will be raised through equity and the other US$21 billion will be raised through fixed income securities. The plan is to support further purchases of Bitcoin as part of its financial reserve strategy.
Coinbase posts third-quarter profit decline, announces $1 billion stock buyback plan
Coinbase said its board of directors has approved a $1 billion stock buyback program when it reported third-quarter earnings on Wednesday. "In October 2024, our Board of Directors authorized and approved a stock repurchase program that allows for the repurchase of up to $1 billion of outstanding Class A common stock with no expiration date." Coinbase said: "The timing of any repurchases and the amount will depend on market conditions."
Detectives on the chain gather to investigate! Famous Internet celebrity MrBeast earns tens of millions of dollars from cutting leeks
loock.io recently disclosed an investigation report on MrBeast, a well-known overseas YouTuber. The report was jointly participated in the investigation by on-chain analysts such as SomaXBT and Kasper Vandeloock. They compiled a series of evidence through on-chain tracking and past public information. A complete picture of MrBeast cryptocurrency activity is established.
USDT issuer Tether releases third quarter report: Achieving profit of 2.5 billion magnesium and ranking among the top 18 in the world in U.S. debt holdings
Tether, the issuer of stablecoin USDT, recently released its financial assurance report for the third quarter of 2024. The audit was performed by BDO, a world-renowned independent accounting firm, and demonstrated the financial strength of Tether and the assets held by its stablecoin issuing entity as of September 30, 2024.
U.S. SEC issues Wells notice to Immutable
The U.S. Securities and Exchange Commission (SEC) recently issued a Wells notice to Ethereum gaming platform Immutable, warning that the company and its IMX token may face imminent enforcement action. A spokesperson for Immutable told the media that this notification letter was issued within the past month. The SEC also issued a letter to Immutable CEO James Ferguson and the Digital Worlds Foundation, which assisted in the issuance of IMX tokens, accusing them of suspected violations. Securities Laws.
Trump-backed World Liberty Financial cuts fundraising target by 90%
According to regulatory filings with the U.S. Securities and Exchange Commission (SEC), World Liberty Financial, a cryptocurrency project backed by former U.S. President Trump’s family, has significantly lowered its fundraising target because the WLFI token sale is far below its target.
Nonfarm payrolls fell lower than expected in October
Affected by hurricanes and the Boeing strike in the United States, non-farm payroll employment in October was only 12,000, far lower than the expected 106,000. While the unemployment rate remained unchanged at 4.1%.
He Yi clarified rumors about Binance’s currency listing fees, and Andre Cronje broke the news: Coinbase charges a lot.
Recently, FUD about Binance Launchpad has been widely circulated in the community. The reason was that the CEO of Moonrock Capital claimed that in order for an unnamed potential project to be listed on Binance, the centralized exchange, Binance required the project to provide general information. 15% of the token supply. In this regard, Binance co-founder He Yi denied this statement on the social platform and clarified that Binance will not charge new projects the token ratio or fixed amount required for listing.
Mt. Gox wallet transferred 32,371 Bitcoins worth $2.19 billion
According to data monitored by the on-chain data analysis platform Spot On Chain, the wallet of the collapsed cryptocurrency exchange Mt. Gox has continued to experience fund transfers in recent days. On the morning of November 5, 32,371 Bitcoins (BTC) were transferred again to three New wallet, worth approximately $2.19 billion.
TG mini-game is dead! Hamster Kombat lost 259 million players, and currency price collapsed by more than 70%
The once-popular "Tap to Earn" TG mini-game Hamster Kombat has lost 259 million players after reaching a peak of 300 million users in August. According to Protos reports, the game currently has nearly 41 million monthly active players, and its token has fallen 76% to $0.002392 after being launched on September 26 at a high price of $0.009993.
The co-founder of F2Pool withdrew 9,480 ETH from Binance and pledged it
According to information shared by on-chain data analyst Yu Jin, Chun Wang, co-founder of F2Pool and founder of Stakefish, withdrew 9,480 ETH from Binance an hour ago, with a total value of approximately US$23.13 million, and later transferred 6,400 ETH of it through StakeFish deposits Ethereum pledges.
Cryptocurrency Republican candidate Trump elected US president
US Republican presidential candidate Donald Trump has self-declared the winner at the Palm Beach Convention Center in Florida after Fox News predicted that he would defeat Democratic candidate Kamala Harris to win the US presidency. Cryptocurrencies such as Bitcoin also surged on the back of Trump's victory.
Wintermute requires the Ethena Foundation to clarify the revenue flow and allocate part of the revenue to sENA
Cryptocurrency market maker Wintermute released a proposal today on the risk committee of the decentralized finance protocol Ethena, requiring the foundation to disclose the structural framework of the Ethena protocol, especially regarding the flow of protocol revenue, and proposed to allocate a portion of the protocol revenue To ENA token stakers.
The above content does not constitute any financial investment advice. All data comes from GT Radar official website announcements. Each user may have slight differences due to different entry and exit prices, and past performance does not represent future performance!
Source
