Morning Minute | Bitcoin Soars to ATH After Trump Win
TylerD's Market Summary
🚀 Trump Won, And Crypto Is Soaring
We are waking up this morning to the formal news that Donald Trump has won the 2024 U.S. Presidential Election.
It was a landslide win, where he won all of the swing state and the popular vote.
And the crypto market is already reacting very strongly to the news.
What Happened?
Donald Trump won the presidential election, marking his return to the White House.
Trump claimed victory following key wins in swing states Georgia and Pennsylvania, with additional expected wins in Wisconsin and Michigan.
Perhaps most importantly and most impactful, Republicans also gained control of the Senate and are on track to secure the House, signaling streamlined legislative support for Trump’s policies.
Market Impact
Markets have already seen significant movement on the back of the news.
Starting with crypto's big night:
- BTC at $74,600 and at ATH
- ETH up 8% to $2,640 following BTC
- SOL up 15% at $187, flipping BNB to reach the 4 spot
- DOGE +19% to $30B and closing in on XRP
The leading memes are up 10-20% or even more across the board (if your meme isn't up, it's time to find a new one).
The DOW futures are also up 1,200 points with indexes up 2-3%, signaling a big day in U.S. markets.
The EURO is also down 2% against the dollar, showing its strength.
What It Means for Crypto
So the markets liked the Trump news short term.
What does his presidency mean for crypto in the medium term?
As a recap of his crypto campaign promises:
- National Bitcoin Reserve: Plans to establish a Bitcoin reserve within the U.S. Federal Reserve, integrating Bitcoin into national finance.
- Support for Domestic Mining: Aims to back U.S.-based Bitcoin mining, strengthening domestic crypto infrastructure.
- Opposition to CBDC: Firm stance against a U.S. Central Bank Digital Currency, citing concerns over government control and financial privacy.
- Advocacy for Self-Custody Rights: Promotes the right for Americans to self-custody digital assets without excessive restrictions.
- Regulatory Changes: Vowed to remove SEC Chairman Gary Gensler and end what he views as an “unlawful” crypto crackdown by the previous administration
Overall those seem positive for crypto.
Many believe the U.S. will become a more welcoming environment for builders and Operation Chokepoint will be behind us - that's a major positive.
A potential national Bitcoin reserve is the type of event that could catapult Bitcoin to $150k+ over enough time, if actually implemented - and is probably the most important factor to watch.
And Gary Gensler getting fired alone is probably going to pump majors 10%.
We will certainly find out soon enough if Trump delivers on his crypto campaign promises.
As for right now - the future looks bright.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Ethereum led NFT trading volume with $3.9M on the day; Bitcoin was next with $2.5M, and then Solana with $1.5M
- ETH NFT leaders were mostly green; Punks +2% at 25.5 ETH, Pudgy +1% at 8, BAYC +4% at 11.2, Milady +11% at 4.7, Azuki even at 4.78
- Project Aeon (+20%) and Sproto Gremlins (+13%) led notable top movers
- BTC NFT leaders were very green; NodeMonkes +6% at 0.129 BTC, Puppets +3% at 0.133 BTC, OMB +5% at 0.158, Quantum Cats even at 0.227
- The Runes leaders were also green; DOG +18% at $440M mc, PUPS +30% at $204M, GIZMO +30% at $21M mc, BDC +25% at $86M
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- Polymarket saw $120M in volume yesterday and over $140M already today in its major event of the year
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are mega green after the Trump win; BTC +8.5% at $74,500; ETH +8% at $2,640, SOL +15% at $187
- Memecoin majors are even more green up 10-20% ; DOGE +19%, SHIBA +7%, PEPE +16%, WIF +16%, POPCAT +20%, and MOG +14%
- The Bitcoin ETFs saw $117M in net outflows yesterday ahead of the election results
- Stand With Crypto has indicated that 257 pro-crypto candidates were elected across the country vs just 123 anti-crypto candidates (House and Senate)
🚀 Memecoin Movers
- $DOGE (+69% to $72M market cap, ETH)
- $EPIK (+54% to $16M market cap, SOL)
- $LOCKIN (+41% to $96M market cap, SOL)
- $GOAT (+38% to $750M market cap, SOL)
- $FARTCOIN (+30% to $63M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
- Anonymice (260%, 0.09 ETH Floor)
- Volted Dragons (120%, 0.23 ETH floor)
- Honey Bastards (36%, 0.14 ETH)
- Sprotoladys (25%, 0.06 ETH)
- Project Aeon (21%, 1.4 ETH)
🗓 Upcoming Mints and Events
Today is a slower day of mints in the election aftermath.
Expect attention on any new memecoins that capture the zeitgeist.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Beyond - The Orange Pills (10:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.
