Originally published on: November 08, 2024
Donald Trump’s re-election victory had profound effects on the cryptocurrency market, particularly Ether, which is poised for a breakout above $3,200. Market analysts predict a rally in Ether’s price due to increased risk appetite following the Republican victory.
In addition to the price surge, Trump’s victory has instilled optimism in the market for clearer crypto regulations in the next four years. Notably, Coinbase’s chief legal officer, Paul Grewal, has urged the US Securities and Exchange Commission (SEC) to reform its stance on the crypto industry during Trump’s second term.
Following Trump’s election win, investments in spot Ether exchange-traded funds (ETFs) saw a significant uptick. Farside Investors data shows net positive inflows into ETFs, totaling $52.3 million on Nov. 6 and $79.7 million on Nov. 7. This surge in investor appetite, combined with ETF inflows, could propel Ether’s price to exceed $3,200 in the near future.
Grewal’s call for regulatory reform reflects a larger sentiment among crypto advocates, who hope for a more innovation-friendly approach from the SEC. As Trump promises changes at the SEC, the impact on the future of crypto in the US remains uncertain.
Furthermore, Galaxy Digital, a leading cryptocurrency trading firm, experienced its highest trading day of the year on Nov. 5 following Trump’s election victory. CEO Michael Novogratz reported robust trading activity across various aspects of the firm’s operations, showcasing the growing interest in crypto markets.
In a bid to address liquidity fragmentation in the blockchain space, Magic Labs and Polygon Labs introduced a crosschain smart wallet called Newton. This wallet, built on Polygon CDK, aims to promote liquidity sharing across multiple blockchains, streamlining the DeFi ecosystem’s efficiency.
While speculations around listing fees charged by major exchanges like Coinbase have raised eyebrows, the broader cryptocurrency market remained positive this week. Multiple cryptocurrencies, including meme coin Neiro (NEIRO) and decentralized exchange Raydium’s RAY token, saw substantial gains over the week.
As the cryptocurrency market continues to evolve, stay informed about the latest developments in the DeFi space by subscribing to the Finance Redefined newsletter. Get exclusive insights, analysis, and educational content delivered every Friday to help you navigate the dynamic world of DeFi with confidence.
