Trump trade triumphs
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 6th November 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
BTC Hits ATH As Trump Reclaims White House
Bitcoin soared to a new all-time high overnight following projections by major news outlets that Donald Trump defeated Kamala Harris to become the 47th U.S. President. As of about 2 a.m. (EST) today, BTC marked a new ATH of $75,358.70, per CoinGecko. BTC had never before cracked the $75K mark.
Solana and Dogecoin were the two biggest gainers among Big Ten Assets. Uniswap (+30% in 24 hours) had the biggest spike among the 80 or so coins that can today boast market capitalizations greater than $1 billion. Uniswap, a top decentralized exchange, has been the target of a federal regulatory probe.
A memecoin, SPX6900 (SPX), created to mimic the S&P 500 basket of blue-chip stocks, spiked 32% in the past 24 hours, making it the best performer among coins contained in CoinGecko's chart of the Top 100 coins. No. 97 SPX has a market cap of roughly $830M.
The distinction of having the single-biggest post-Trump-victory spike goes to a ten-cent memecoin, Peanut the Squirrel (PNUT). The 426th-largest coin, PNUT was created in the aftermath of a recent incident involving a celebrity squirrel seized from its owners' home by the New York State Department of Environmental Conservation and later euthanized, becoming a symbol of government overreach while providing a rallying cry for the GOP. PNUT has more than doubled since yesterday.
Stock futures rose sharply this morning as did yields on the 10-year treasury.
What's down
Clean Energy Movement In Crosshairs
Crypto is a sea of green. That is, except for a pair of Trump-themed tokens, TRUMP and MAGA, each down 20%, apparently having outlived their usefulness with the quadrennial election season having come to a close.
Investors of all stripes continue to try to digest the impact of a coming Trump administration and the distinct possibility of the Republican Party taking complete control of Congress.
Conspicuously wilting in pre-market trading: the Invesco Solar ETF, down 7% (CNBC).
What's next
Crypto Community Takes Victory Lap
Earlier today, the Associated Press called the state of Wisconsin for Trump, giving him more than enough electoral college votes to retake the White House. Although it was evident last night the crypto-friendly candidate was going to win the election. Bitcoin climbed steadily throughout Tuesday evening as key states, such as North Carolina and Georgia, went to the Republican. As of 7:30 a.m. (EST), total crypto assets had gained 6% to reach $2.58 trillion, according to CoinGecko.
Among Trump's major promises to the crypto community: immediately firing SEC Chair Gary Gensler, promoting BTC mining and creating a strategic BTC reserve.
"Many in the crypto industry have high hopes," Cointelegraph said. "While others are urging the community to be cautious and not to get their hopes up too much."
As BTC breaks past $75K, said CoinGecko, "it seems that the crypto space is entering a new age."
