Senator Lummis Announces US Strategic Bitcoin Reserve, Plans to Buy 1M Bitcoins

Bitcoin

Cynthia Lummis

Trump

Lummis

Senator Cynthia Lummis has announced that the United States will establish a Strategic Bitcoin Reserve. This initiative has been endorsed by the Bitcoin Policy Institute and is seen as a move to strengthen the US dollar. Former President Donald Trump has also pledged support for the establishment of a National Strategic Bitcoin Reserve, which could encourage other nations to follow suit. The plan aims to position Bitcoin as a strategic asset for the country, potentially making it one of the most significant economic events in US history. The US government plans to buy 1M Bitcoins as part of this initiative.

Economics

Markets

Business

Crypto

Bitcoin Surpasses $75,000, Up Over 70% Year-to-Date, Reaching New All-Time High

BITCOIN

Bitcoin has reached a new all-time high, surpassing its previous record of $73,850 and climbing above $75,000 for the first time. The cryptocurrency briefly touched $75,000, marking a significant milestone. Bitcoin's market capitalization now stands at approximately $1.45 trillion, reflecting a year-to-date increase of over 70%.

Trump Plans to Fire SEC Chairman Gensler, Promises Pro-Bitcoin Agenda and Hundreds of Billions for U.S. Mining

Gary Gensler

America

Mike Novogratz

U.S.

Donald Trump

Donald Trump has announced plans to fire current SEC Chairman Gary Gensler if he is elected president. Trump stated that he would appoint a new SEC chairman who supports innovation rather than regulation that hinders progress. This promise aligns with the views of Mike Novogratz, a prominent figure in the cryptocurrency space, who claims that Trump's agenda is pro-Bitcoin and emphasizes the need for the U.S. to lead in the cryptocurrency sector. Novogratz also highlighted that allowing banks to custody Bitcoin and hold it on their balance sheets could inject 'hundreds of billions' into the cryptocurrency ecosystem. Additionally, Trump has expressed intentions to ensure that all Bitcoin mining occurs within the United States and has previously promised clemency for Ross Ulbricht, the founder of the Silk Road darknet marketplace.

Regulation

Politics

Bitcoin Hits All-Time High Amid Trump Victory, Surges to Nearly $76,000 as Dow Rises 1,300 Points

bitcoin

Bitcoin has reached an all-time high, spiking to nearly $76,000, coinciding with the U.S. Presidential election results. The cryptocurrency surged as election results surfaced, with significant market activity linked to Donald Trump's victory. This election has highlighted crypto's growing influence on the political landscape, with $4 billion in election bets placed and discussions about Bitcoin potentially reaching $100,000 by Trump's inauguration. Stocks also saw a significant increase, with the Dow surging 1,300 points amid concerns about inflation. Bitcoin hit $75,060 during the surge, and Crucible Capital's general partner noted Trump's pro-Bitcoin stance.

US Elections

UBS Launches uMINT Tokenized Investment Fund on Ethereum, Reports CMCNews

JPMorgan

Kinexys

Onyx

JP Morgan

UBS has launched its first tokenized investment fund, named uMINT, or the UBS USD Money Market Investment Fund Token, on the Ethereum blockchain, as reported by CMCNews. This move marks a significant step for UBS in the digital asset space. The launch comes shortly before Citi and Fidelity announced their own on-chain money market fund. Additionally, JPMorgan has rebranded its blockchain platform Onyx to Kinexys and will soon offer instant settlement for foreign-exchange conversions between the dollar and the euro via this platform. Kinexys has already processed $1.5 trillion in volume, with $2 billion flowing daily.

Fintech

Blockchains

Tech

Bitcoin Emerges as Winner of 2024 U.S. Elections with 226 Pro-Crypto House Members and 14 Senate Members

In the aftermath of the 2024 U.S. elections, the cryptocurrency sector has emerged as a significant political force, with Bitcoin being heralded as a major winner. The elections saw a notable increase in pro-crypto representatives, with 226 members in the House and 14 in the Senate, indicating a shift in political sentiment towards cryptocurrency. Key victories included Bernie Moreno in Ohio and Ted Cruz, reinforcing the growing acceptance of crypto in the political landscape. Observers noted that the political organization of the crypto community over the past two years has transformed the electoral dynamics, making it increasingly difficult for candidates to oppose cryptocurrency and win elections. Experts have also pointed out that the election results validate predictions made by market analysts regarding the influence of crypto in politics.

Tether Treasury Transfers 55M USDT from Binance for 54.99M USD, Mints 2B USDT on Ethereum

USDt

Tether Treasury

On November 4, 2024, a significant transaction occurred involving the transfer of 55 million USDT, valued at approximately 54.99 million USD, from Binance to Tether Treasury. Subsequently, on November 6, Tether Treasury minted a total of 2 billion USDT, with reports confirming that this minting was conducted on the Ethereum blockchain. Despite the large minting, the total supply of USDT reportedly remains unchanged, as stated by Tether. The minted USDT was indicated to be utilized for chain swaps.

U.S. Election Optimism Drives $2.2B Inflows to Crypto Funds, Bitcoin Nears Record Highs, $102B AUM

Bloomberg

Eric Balchunas

IBIT

BlackRock

U.S. election optimism has driven significant inflows into cryptocurrency funds, totaling $2.2 billion from October 26 to November 2, 2024. Bitcoin received the majority of these investments, nearing record highs. This marks the fourth consecutive week of inflows, pushing the year-to-date total to an all-time high of $29.2 billion. BlackRock's spot Bitcoin ETF, IBIT, saw a record-breaking $1 billion in trading volume within the first 20 minutes of trading on November 6, 2024, and is on track for a potentially record-breaking day. The fund also recorded its largest single-day inflow of $885 million last week, bringing its assets under management to approximately $30 billion. The total assets under management for crypto funds have now reached $102 billion, with Bitcoin raking in most of it, potentially boosted by hedge fund strategies.

Stocks

Hester Peirce, 'Crypto Mom,' Emerges as Top Candidate to Replace Gary Gensler as SEC Chair Under Trump

Hester Peirce, often referred to as 'Crypto Mom,' is gaining traction as a leading candidate to replace Gary Gensler as the chair of the U.S. Securities and Exchange Commission (SEC) under a potential Trump administration. Support for Peirce's appointment is widespread among industry advocates, who cite her capability and pro-crypto stance as key reasons for their endorsement. Prominent figures in the cryptocurrency space have expressed their support, emphasizing her qualifications and suitability for the role, which they believe could lead to a more favorable regulatory environment for digital assets.

BlackRock's Bitcoin ETF Hits $1 Billion in 20 Minutes of Post-Election Trading, Leading Record Day

ETFs

BlackRock's Bitcoin ETF, $IBIT, achieved a record-breaking trading volume of $1 billion within the first 20 minutes of post-election trading today. This volume is typically seen over an entire day. The surge in trading volume suggests a strong market interest and potential for a record-setting day. Other Bitcoin ETFs, such as $BTCL, $MSTU, and $ETU, also saw significant increases, with $BTCL up 13%, $MSTU up 18%, and $ETU up 17% so far today. Overall, Bitcoin ETFs have accumulated $3.73 billion in trading volume over the past 24 hours, with BlackRock's ETF accounting for over half of this total. As of 11:00 am, $IBIT's volume was nearing $2 billion. The total spot Bitcoin ETF volume reached $4.23 billion, with $IBIT contributing $2.72 billion. Bitcoin Spot ETFs saw a total of $5 billion in volume.

Bitfinity Network Integrates Bitcoin Runes via Omnity Bridge, Enhances DeFi Liquidity with ICP Connection

Bitfinity

Bitfinity Network has announced significant advancements in its ecosystem with the integration of Bitcoin Runes and a connection to the Internet Computer Protocol (ICP). This integration aims to enhance the Bitcoin ecosystem by utilizing the Omnity Bridge for supporting Runes. Additionally, Bitfinity, built on the Internet Computer Blockchain, is designed to facilitate swift execution for Bitcoin and various cross-chain assets through threshold signature schemes. These developments are expected to open new options for decentralized finance (DeFi) applications, including the introduction of meme tokens and other assets, thereby increasing liquidity within the Bitfinity platform.

Trump Proposes Paying Off $35 Trillion U.S. Debt with 1 Million Bitcoins

During a recent Q&A session with crypto investors, Donald Trump proposed the idea of using cryptocurrency to pay off the United States' national debt, which currently stands at approximately $35 trillion. Trump humorously suggested, 'I’ll write on a little piece of paper, ‘$35T crypto we have no debt,’' highlighting a lack of innovative solutions from the current administration. He further elaborated that the U.S. could potentially use Bitcoin to address the debt issue, stating, 'Who knows, maybe we’ll pay off our 35 trillion dollars, hand them a little crypto check.' Additionally, there were claims that the U.S. Treasury might purchase one million Bitcoins as a strategic reserve asset, indicating a significant shift in fiscal strategy.

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