Republican Election Triumph, BTC ATH $75K, UBS ETH Fund, Zodia's $50M Raise, Paxos Stablecoin Launch, UK Pension's Bitcoin Leap
Crypto Markets and Sentiment Surges as Industry Celebrates Trump Win
With Donald Trump winning the 2024 race to the White House, the world’s biggest cryptocurrency rallied more than 7 percent to an all-time high of $75,389. The milestone surpasses the previous peak of $73,803.25, set in March, and additionally lifted the prices on a host of other cryptocurrencies. ?
Previously, Trump had pledged to make the US “the Bitcoin superpower of the world”. ETF inflows also surged, namely BlackRock’s iShares Bitcoin Trust (IBIT) recording more than $1 Billion in trading volume in the first 20 minutes of trading (6 November).?
The total cryptocurrency market capitalization surged to $2.52 Trillion, marking a 7-day increase of approximately 9%. This bullish market sentiment is reflected by the Fear and Greed Index reaching 62 points in the Greed Zone, up 10 points from last week. ?
This optimism could be attributed to expectations of clearer regulations and reduced market restrictions under Trump's presidency, including the potential establishment of a U.S. strategic Bitcoin reserve. ?
UBS Launches World's First Ethereum-Based Tokenized Fund
The world’s largest private bank has filed for a tokenized investment fund called "UBS USD Money Market Investment Fund Token" (uMINT) on the Ethereum blockchain. Through a conservative risk framework, it will target high quality money market instruments. UBS APAC’s co-head Thomas Kaegi cited growing investor demand for tokenized assets as the key driver. ?
Zodia, Standard Chartered's Crypto Custodian Set to Raise $50 Million
The institutional cryptocurrency custody platform, co-owned by Standard Chartered, is working to scale global operations with new funding. Already backed by several financial firms including SBI Holdings, National Australia Bank and Northern Trust, Zodia’s CEO Julian Sawyer shared with Bloomberg, he expects the raise will allow the platform to tap a more diverse range of investors, namely those companies focused on payments and tokenization.??
Paxos Launches USDG - A US Dollar Backed Stablecoin
The global leader in issuance, has announced the minting of its latest stablecoin – USDG - a single-currency stablecoin pegged to the U.S. dollar, fully redeemable from Paxos on a one-to-one basis. The announcement arrives, accompanied by the launch of Global Dollar Network - an open network designed to accelerate stablecoin usage worldwide. Key players already involved include banks, custodians, and exchanges who’ll pool their expertise and resources to broaden adoption and drive innovation in cross-border money movement.??
UK Pension Fund Makes Historic BTC Investment
Cartwright, a UK-based pensions advisory firm, has revealed that an unnamed British pension scheme has allocated 3% of its portfolio to Bitcoin. Following Cartwright's recommendation, this groundbreaking move marks the first instance of a UK pension fund adding Bitcoin to its balance sheet. Sam Roberts, Cartwright's director of investment consulting, highlighted the decision aims to help UK institutional investors catch up with global peers already benefiting from Bitcoin's unique attributes.?
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If approved, the 21Shares Core XRP Trust would track the price of the seventh-biggest digital coin by market cap, via shares that trade throughout the day.?
Microsoft shareholders have begun voting on whether the company should invest in Bitcoin for its $3 Trillion corporate treasury.?
Cartwright reported that “after a rigorous training and due diligence process,” a UK pension scheme had chosen to make the Bitcoin allocation, citing its “long investment time horizon.”?
Deutsche Telekom plans to mine Bitcoin by utilizing surplus energy from renewable sources that would otherwise go to waste.?
France’s gaming regulator is planning to ban access to the crypto-based betting website that gained popularity as traders made bets on the U.S. presidential election. ?
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