Author: Andrei Ionescu

A notable shift from gold to bitcoin is underway following the U.S. presidential election, as indicated by a significant spike in the BTC-to-gold ratio. The ratio surged 12% Wednesday after pro-crypto candidate Donald Trump won the U.S. presidency, marking bitcoin’s largest single-day outperformance relative to gold since February 2022, data from TradingView shows. The surge underscores a trend reversal that’s been brewing over recent months, with some analysts forecasting a continued bitcoin price rally toward $80,000 by year-end. The shift follows bitcoin’s recent bullish momentum as gold’s appeal dims, likely sparking a rotation of capital from traditional safe-haven assets to…

The prospect of the U.S. government adopting the Bitcoin Act could mark a historic shift in cryptocurrency policy, according to asset manager CoinShares. In a research blog posted Wednesday, CoinShares’ Head of Research James Butterfill highlighted that under the proposed law, bitcoin (BTC) would be designated as a strategic reserve asset. This would potentially allow the government to acquire up to 5% of bitcoin’s total supply, giving it a role in the national reserve alongside traditional assets like gold. The bill, officially titled the Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, was introduced by Senator Cynthia…

On U.S. election day, the iShares Bitcoin Trust (IBIT), BlackRock’s spot Bitcoin ETF, experienced its sixth-ever net outflow since its launch in January. The fund saw $44.2 million in outflows on November 5, according to data from CoinGlass, marking a notable withdrawal as Bitcoin rallied to reach an all-time high of $75,000. This outflow represents IBIT’s first since October 10, when $10.8 million left the fund, indicating a cautious approach among institutional investors on election day. Other U.S. spot Bitcoin ETFs mirrored this trend, with total net outflows for the day amounting to $116.8 million. Fidelity’s Wise Origin Bitcoin Fund…

Solana’s SOL token jumped 17% over the past 24 hours, fueled by renewed investor optimism about potential crypto-friendly policies under a possible Trump administration, which could ease the path for U.S.-based cryptocurrency ETFs. The price spike saw SOL reach $185 early Wednesday, flipping BNB Chain’s BNB to become the fourth-largest cryptocurrency by market cap, valued at over $85 billion. The surge follows Trump’s lead in the U.S. presidential race, with markets betting on regulatory advantages for the crypto industry under Republican leadership. Daniel Cheung, co-founder of Syncracy Capital, remarked that a “Republican sweep” could drive market upside, with a SOL…

With a third bid for the U.S. presidency ending in victory, Donald Trump is poised to bring a crypto-friendly agenda to Washington, promising a more accommodating regulatory landscape. After clinching crucial battleground states, Trump is projected to secure Pennsylvania and Alaska’s electoral votes, giving him the lead over Vice President Kamala Harris and all but assuring his return to the White House. Trump’s Triumph Is Also Crypto’s: Gensler, Regulatory Clouds Likely to Vanish This shift is expected to mark a significant turning point for the U.S. crypto industry, as Trump has actively wooed the digital asset community throughout his campaign,…

Attorneys for Binance and its former CEO Changpeng “CZ” Zhao have filed a motion to dismiss the Securities and Exchange Commission’s (SEC) amended lawsuit against them, citing a lack of regulatory clarity on digital assets. The motion, filed on Monday, targets an amended complaint submitted by the SEC last month. The defense argues that the SEC’s amended complaint dismisses a prior court ruling that established crypto assets are not inherently securities. Binance’s lawyers contend that “secondary market resales of the assets long after they were first distributed by their developers are not ‘securities’ transactions.” According to their filing, the SEC…

In its latest analysis, QCP Capital reported heightened market anxiety across stocks, bonds, and cryptocurrencies ahead of the U.S. presidential election. Market watchers note that former President Donald Trump’s lead in prediction markets is impacting trading strategies, with long positions in the dollar, crypto, and expectations of rising Treasury yields gaining traction before the election. However, a win by Vice President Kamala Harris could potentially reverse these trends, causing overnight market fluctuations. The crypto options market projects Bitcoin will experience up to a 3.5% price swing on election night, though traders may be underestimating post-election risk. Volatility premiums on contracts…

A token accidentally created by well-known onchain analyst ZachXBT on the Base network has reached a staggering market cap of $3.4 million. The unexpected development traces back to ZachXBT’s use of the Zora protocol in August to mint an open-edition NFT titled “243M Theft” — a free collectible tied to his investigation of a $243 million theft involving a Genesis creditor. Unbeknownst to him, Zora’s system automatically converted these NFTs into ERC-20 tokens, allowing them to trade as memecoins on decentralized exchanges. ZachXBT clarified that he had intended the NFT solely as a blockchain-archived investigation, similar to his articles on…

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded a significant net outflow of $541 million on Monday, the largest daily negative flow since May 1. This comes on the heels of a massive $2.22 billion weekly inflow last week, highlighting the fluctuating sentiment among investors as they prepare for heightened market volatility ahead of the U.S. election. Rachael Lucas, a crypto analyst at BTCMarkets, attributed the outflows to strategic rebalancing, noting that “After last week’s record-breaking inflows, some degree of rebalancing is expected, as investors take profits and adjust portfolios in anticipation of market volatility.” According to Lucas, many…

Semler Scientific, a healthcare technology firm listed on Nasdaq, has increased its bitcoin holdings by purchasing an additional 47 BTC for $3 million, bringing its total holdings to 1,058 BTC. The company revealed this acquisition alongside its third-quarter earnings results, emphasizing its commitment to bitcoin as a core treasury asset. CEO Doug Murphy-Chutorian reiterated Semler’s strategy of both accumulating bitcoin and driving innovation within its healthcare business. “We remain laser-focused on acquiring and holding bitcoin while supporting growth in our healthcare sector,” Murphy-Chutorian stated. The company has consistently added to its bitcoin reserves, with 141 BTC purchased during the third…