Trump Wins. Bitcoin Hits New ATH.

Gm friends,

Has there EVER BEEN a more exciting time to be a bitcoin and crypto investor? I don’t believe so!!!

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Chart of the Day

Savor the moment, folks. You earned it. $76,509 is bitcoin’s new all-time high, as of November 6, 2024. 

Now, I do expect bitcoin to set a new new all-time high imminently. There’s just too many tailwinds supporting the asset right now.

From a TA perspective, breaking north from eight months of consolidating price action is huge. My bet is bitcoin’s previous ATH (i.e. 73,800) holds as support, and we continue going up from here. e. 73,800) holds as support, and we continue going up from here.

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News Now

Trump Wins. Bitcoin Hits New ATH. 

It’s the event that many in the crypto community have been closely watching. The U.S. 2024 Presidential election. 

Americans went to the polls on Tuesday and decisively declared that Donald J. Trump will be the country’s 47th president. All indications at this point show that Trump won in a landslide, grabbing both the electoral college and popular vote wins. 

Trump finishing his speech at Bitcoin 2024. 

Bitcoin’s price action on Tuesday acted as an early election signal. In the morning, price popped above $70K. By early evening, bitcoin retested its previous ATH. And then around 1:00 a.m. EST, before any of the media outlets had called the race for Trump, bitcoin broke into new ATH territory. 

And speaking of early signals, let’s talk about Polymarket. This off-shore betting market did a better job predicting the election odds than the professional pollsters. Through mid to late October, Polymarket had Trump’s winning odds in the 60%s, while the pollsters were saying the election was a coin-toss. Given the outcome, it appears that Polymarket was the more accurate barometer. 

Implications for Bitcoin and Crypto Under a Trump Presidency 

Trump’s victory is bullish for bitcoin and crypto, in part due to the promises that Trump made on the campaign trail. So given he’s now the winner, let’s refresh ourselves on what the former president has promised. 

• Bitcoin as a U.S. Strategic Reserve Asset: Trump vowed to transfer the 207K bitcoin that’s currently held by the Department of Justice to the Treasury Department, where it will be held as a strategic reserve asset. Trump further promised that the government would halt any further bitcoin sales. 
• Ramp Up Domestic Mining: After a summer meeting with mining executives, Trump, in a Truth Social post, wrote that “Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”. 
• Protect Self-Custody: Trump declared at Bitcoin 2024 that he will protect an individual’s “right to self-custody.” 
• Pardon Ross Ulbrich: Trump also said that he’ll pardon the Silk Road founder. Many bitcoiners believe that Ulbrich’s double-life prison sentence is excessive and unjust. 
• Fire Gary Gensler: Trump said that he’ll fire SEC Chair Gary Gensler on his first day in office. 
• No CBDCs: Trump promised to bar the creation of any U.S. CBDC. 

The crypto industry and many holders collectively contributed hundreds of millions in campaign donations to Trump, and as well as millions of votes. Therefore, we must hold the future president and his administration to their promises. 

Other Political Race Outcomes that Affect Crypto 

The presidential race wasn’t the only one on Tuesday that had implications for crypto. Here’s a recap of the other race outcomes that matter most for our industry. 

• 220 Pro-Crypto Candidates were Elected: With elections occurring in both the U.S. House and Senate, the Stand with Crypto lobby estimates that about 220 pro-crypto candidates were elected on Tuesday. This bodes very well in terms of pro-crypto legislation passing through Congress, especially given that Republicans flipped the Senate and will likely take the House. 
• Elizabeth Warren Beats John Deaton: In what was arguably the second-most anticipated crypto race, incumbent Sen. Warren did defeat John Deaton for the Massachusetts seat. Dean received significant support from the industry. Even though this outcome is disappointing, the good news is that Warren can no longer harm the industry, given everything else that’s transpired. 
• Bernie Moreno Beats Sherrod Brown: One of the big races that many in the industry were watching was between Bernie Moreno and Sherrod Brown for one of Ohio’s Senate seats. Brown, the crypto critic incumbent, served as the Senate Banking Committee Chair. That’s a powerful position that can really affect the industry. Well, Moreno defeated Brown, and the former is pro-crypto with some business experience in the industry. 

So to summarize, Tuesday’s elections were absolutely game-changing for bitcoin and the crypto industry in the U.S. Expect a crypto-friendly SEC, a better Senate Banking Committee, supportive legislation, and more crypto ETF approvals.

Solana & Dogecoin Also Pumped Hard. But Why?  

Other than bitcoin, some other major winners on election night were Solana and Dogecoin. Here’s how the price action of these coins is connected with the election. 

Solana appreciated about 12% on Tuesday evening. The thinking goes that a Trump victory dramatically increases the chances of Solana ETFs soon hitting U.S. shores. To date, a total of three firms have submitted SOL ETF applications to the SEC. That’s VanEck, 21Shares, and Canary Capital. 

Dogecoin pumped 30%. The reasoning here is none other than Elon Musk. The tech titan stumped hard for Trump on the campaign trail. And the president elect has floated the idea that Musk might be brought into the administration to make the government more efficient. So it only makes sense that DOGE would pump, given the U.S. Department of Government Efficiency (DOGE) might soon become a reality. 

Chainlink, UBS, and SWIFT Complete Joint Tokenized Fund Pilot 

In more internationally-related crypto news, Chainlink, UBS, and SWIFT have successfully completed a pilot program that helps institutions easily achieve cash settlement and redemptions when investing in tokenized funds.

Conducted by the Monetary Authority of Singapore, the “Project Guardian” pilot is notable because institutions want to invest in tokenized funds, but they don’t (yet) want to mess around with stablecoins. Meaning, the big boys want a seamless way to quickly pump cash in and out of tokenized funds. 

From a technical perspective, it appears that Project Guardian allows institutions access to these tokenized funds via SWIFT (i.e. a platform they’re familiar with), while Chainlink does the heavy fiat-to-crypto swapping on the back end. 

Other than this being bullish for LINK, integrations like this pilot are a positive for the entire industry, given the positive second-order effects that come from large sums of institutional money moving into the space. 

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Today On Chain

Polygon is seeing a surge, both in terms of its TVL ($1.32B) and its stablecoin market cap ($2.13B). Neither of these metrics have been this high on the network since late 2022. And Polygon’s TVL specifically is up 46% in the last month. 

However, the price of POL hasn’t followed in the same direction. Although the token achieved a small bounce north on Nov. 5th, POL is still pretty much at all-time lows. Part of the reason for these lows is likely due to the community grants that the developers are dishing out.

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Altcoin Alpha

• Astar Network [ASTR] successfully completed its Async Backing upgrade on Tuesday. Astar Network helps developers build dApps and L2 solutions by providing them with related Web3 infrastructure. The Async Backing upgrade essentially made Astar faster and more robust. 
• Solayer SOL [SSOL] recently unveiled its RWA-backed synthetic stablecoin, sUSD. Solayer says that anyone with just a few dollars can now access tokenized RWAs on Solana. 
• Trader Joe [LFJ] is gearing up to launch “Token Mill” this month. Token Mill is Pump.Fun, but for the Trader Joe DEX. 

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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.

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