Donald Trump's victory in the US presidential election triggered a wave of investor appetite for risk-on assets such as cryptocurrencies, setting Ether poised to breach $3,200 in the near term, according to market analysts. That's what it means.
The Republican victory also sparks optimism for clearer crypto regulation over the next four years and galvanizes crypto thought leaders like Coinbase Chief Legal Officer Paul Grewal. Urging the US Securities and Exchange Commission (SEC) to improve its stance on cryptocurrencies. Industry during President Trump's second term.
Ether aims for $3,200 breakout as ETH ETF inflows turn positive
Analysts are eyeing Ether's rise above $3,200 due to increased risk appetite following President Trump's election victory.
On November 6, Mr. Trump was declared the winner of the election, confirming his second term as President of the United States.
Flows into the Spot Ether (ETH) exchange-traded fund (ETF) turned positive following the election results, with net inflows into the ETF reaching 52.3 million on November 6, according to data from Farside Investors. $79.7 million on November 7th.
Analysts at Bitfinex say increased investor appetite boosted by the Republican victory, along with ETF inflows, could push Ether's price to $3,200 in the near term.
Analysts told Cointelegraph:
“We expect Ether to soon break out of the long-term range it has been built in. Our target for the coming months remains $3,200…”
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Coinbase executives call for SEC reform after Trump's election victory
Paul Grewal, Coinbase's chief legal officer, urged the SEC to change its approach to cryptocurrencies following Trump's election to a second term.
Grewal expressed hope that authorities will adopt a regulatory framework that favors open dialogue and innovation over litigation, echoing the sentiments of crypto advocates who are increasingly frustrated with US regulatory enforcement. .
The reorganization of the SEC could have implications for more than just the future of cryptocurrencies in the United States, as President Trump has promised to fire SEC Chairman Gary Gensler.
sauce: Paul Grewal
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Galaxy Digital records biggest trading day of the year on US Election Day: Report
Trump's election victory has increased interest in cryptocurrencies, and cryptocurrency trading company Galaxy Digital had its biggest trading day of the year on November 5th, Bloomberg reported on November 7th.
“[O]Our franchise was operating at full capacity, including trading, lending and derivatives desks with U.S. and international counterparties,” Galaxy CEO Michael Novogratz told Bloomberg.
“It felt like an affirmation of everything we've been working on,” Novogratz said.
Novogratz's net worth rose about 15%, or about $600 million, to $4.6 billion on Nov. 5, according to the Bloomberg Billionaires Index.
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Magic Labs, Polygon launch cross-chain smart wallet for AggLayer
Magic Labs and Polygon Labs have announced a cross-chain smart wallet as protocols move to address liquidity fragmentation in the blockchain space.
According to an announcement on November 7, the two companies launched the Newton testnet, a wallet solution for cross-chain payment layer AggLayer. The solution promises to enable liquidity sharing across multiple blockchains “in the same way that HTML and HTTP introduced standards to create a seamless internet experience.”
Newton is built on Polygon CDK (Cloud Development Kit) and will provide a chain-abstracted smart wallet, free tools, access to global liquidity, and cross-chain launch from a “single command line” is.
Liquidity fragmentation occurs when assets and trading volumes are spread across multiple platforms or blockchain networks, creating inefficiencies in the decentralized finance (DeFi) ecosystem. This dispersion leads to higher transaction costs and lower transaction speeds, complicates cross-chain interactions, and increases costs for users.
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Coinbase Hit by Sun, Cronje's $300 Million Token Listing Suspicion
Some of the largest crypto exchanges are said to be demanding hundreds of millions of dollars to list new tokens.
Coinbase demanded a total of $330 million in fees to list Tron (TRX), according to Tron founder Justin Sun. Sun posted on X on Nov. 4 that Binance did not charge fees, but Coinbase kept 500 million TRX tokens (worth about $80 million) and $250 million in Bitcoin deposits in Coinbase Custody. He said he requested that he do so.
Coinbase's listing fee suspicions. sauce: Justin Sun
Sun's comments may lack evidence, but it's a surprising development considering Coinbase claims it doesn't charge fees for listing new cryptocurrencies.
“Listing your assets on Coinbase is free,” Coinbase co-founder and CEO Brian Armstrong wrote in a Nov. 2 X post.
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DeFi market overview
Most of the top 100 cryptocurrencies by market capitalization ended the week in the black, according to data from Cointelegraph Markets Pro and TradingView.
Among the top 100, NEIRO meme coin is the biggest gainer this week, rising over 55%, while decentralized exchange RAY token rose over 48% last week.
Total value locked in DeFi. Source: Defilama
Thanks for reading our overview of this week's most influential DeFi developments. Tune in next Friday for more stories, insights, and education on this dynamically evolving universe.
