Originally published on: November 08, 2024
Following Donald Trump’s re-election, investors have shown a renewed interest in risk-on assets like cryptocurrencies, with Ether poised for a breakout above $3,200, according to market analysts.
Trump’s victory has not only fueled optimism for clearer crypto regulations in the upcoming years but has also inspired industry leaders like Coinbase’s chief legal officer, Paul Grewal, to call for reform within the US Securities and Exchange Commission (SEC) to support the crypto industry during Trump’s second term.
Analysts predict a surge in Ether’s price above $3,200 as risk appetite grows post-Trump’s election triumph.
On November 6, Trump secured his second term as US president, leading to positive inflows into spot Ether exchange-traded funds (ETFs) totaling $52.3 million on November 6 and $79.7 million on November 7, as per Farside Investors data.
With growing investor interest and influx of funds into ETFs post-Republican victory, Bitfinex analysts anticipate Ether’s price hitting $3,200 in the near future.
Coinbase’s Paul Grewal advocates for a more favorable regulatory framework from the SEC under Trump’s second term, emphasizing the importance of open dialogue and innovation in the crypto space.
The crypto market witnessed a surge in trading activities post Trump’s victory, with Galaxy Digital reporting its biggest trading day of the year on November 5. CEO Michael Novogratz’s net worth surged by $600 million, reflecting the industry’s positive response to Trump’s reelection.
Further innovation in the crypto space was highlighted by Magic Labs and Polygon Labs’ launch of Newton testnet, a wallet solution addressing liquidity fragmentation across blockchains. The crosschain settlement layer promises seamless liquidity sharing and enhanced user experience.
Despite claims from top exchanges like Coinbase of no listing fees, recent allegations from Tron founder Justin Sun suggest otherwise. Sun revealed that Coinbase requested $330 million in fees to list Tron, raising questions about transparency and fairness in the listing process.
Overall, the cryptocurrency market saw significant gains this week, with Neiro (NEIRO) leading as the top gainer, followed by decentralized exchange Raydium’s token. The total value locked in DeFi continued to grow, indicating a positive trend in the market.
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