Originally published on: November 08, 2024
Following Donald Trump’s win in the US presidential election, investors are showing a strong appetite for risk-on assets, including cryptocurrencies like Ether. Market analysts are predicting a short-term breakout for Ether, with prices expected to surge above $3,200.
The Republican victory has also raised hopes for clearer crypto regulations in the coming years, leading thought leaders like Paul Grewal, Coinbase’s chief legal officer, to call for reforms at the SEC. Grewal believes that the regulatory agency needs to adopt a more favorable stance towards the crypto industry during Trump’s second term.
With a surge in investor optimism and inflows into Ether exchange-traded funds (ETFs) post-election, analysts are eyeing a rally that could push Ether past the $3,200 mark.
Galaxy Digital, a leading crypto trading firm, experienced its biggest trading day of the year following Trump’s victory, signaling a significant uptick in interest in the crypto market. CEO Michael Novogratz saw his net worth jump by $600 million, reaching $4.6 billion after the election results.
In other news, Magic Labs and Polygon Labs have unveiled a crosschain smart wallet known as Newton to address liquidity fragmentation in the blockchain space. The wallet solution aims to facilitate liquidity sharing across multiple blockchains, offering users a seamless experience across various platforms.
Meanwhile, allegations have surfaced that some major cryptocurrency exchanges are demanding exorbitant fees for new token listings. Tron founder Justin Sun claimed that Coinbase requested $330 million in fees to list Tron, while other exchanges asked for large token deposits for listing consideration.
As we wrap up the week, most of the top 100 cryptocurrencies recorded gains, with meme coin Neiro and decentralized exchange token Raydium posting impressive price surges.
Stay tuned for more Finance Insights next week as we continue to unravel the latest developments in the dynamic world of decentralized finance (DeFi). Don’t miss out on exclusive stories, analysis, and opportunities to help you navigate the ever-evolving financial landscape with confidence. Subscribe to our Finance Redefined newsletter for a weekly dose of valuable insights delivered straight to your inbox.
