30s Summary

Donald Trump’s US presidential re-election win has spurred increased interest in cryptocurrencies, including Ether, predicted to rise beyond $3,200. The win has also sparked optimism for clearer cryptocurrency regulations under the new term. Post-election, Ether exchange-traded funds experienced significant positive inflows that could boost Ether’s short-term price. The election also saw Galaxy Digital’s largest trading day of the year, resulting in a 15% increase in CEO Michael Novogratz’s bank account. Other updates include Magic and Polygon Labs launching a crosschain smart wallet and the Newton testnet. Lastly, Tron’s founder accused Coinbase of charging millions to list new tokens.

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When Donald Trump bagged the US presidential election, folks got real hungry for things like cryptocurrencies. Pros are predicting Ether, a type of cryptocurrency, is about to shoot up beyond $3,200 soon.

The Republican win has also got people feeling good about potentially clearer rules around crypto for the next four years. Big players in the crypto game, like Coinbase’s top legal guy, Paul Grewal, are pushing the US Securities and Exchange Commission (basically the crypto police) to chill out a bit for Trump’s second term.

Analysts are buzzing about an Ether rise beyond $3,200, all stoked by this new taste for risk after Trump’s win. On Nov. 6, Trump was named the champ of the election, securing him another term as US president.

After the election, there was a load of action in Ether exchange-traded funds (kinda like crypto stocks), which saw big positive inflows. This, together with the hype from the Republican win, could push Ether’s price towards $3,200 in the short term, reckon experts from Bitfinex.

Coinbase’s Grewal wants the SEC to switch up its vibe towards crypto after Trump’s win. He thinks the authority should foster open conversation and fresh ideas instead of being all about law and order. Crypto fans who have had their run-ins with the SEC are on board with this idea. And, with Trump promising to boot the SEC Chair Gary Gensler, more than just the future of crypto in the US might be in for a shakeup.

Crypto trading firm, Galaxy Digital, reported its busiest trading day of the year on Nov. 5, as Trump’s win sparked a fresh interest in crypto. Galaxy’s top dog, Michael Novogratz, was stoked. In fact, his bank account got a sweet bump, increasing by about 15%, or by around $600 million, to $4.6 billion on Nov. 5, according to the Bloomberg Billionaires Index.

Magic Labs and Polygon Labs are launching a crosschain smart wallet, a kind of new tech to sort out money fragmentation in the blockchain space. They also launched the Newton testnet, a super-wallet for the crosschain settlement layer AggLayer. This is designed to let money flow across multiple blockchains, making internet transactions a whole lot smoother.

Justin Sun, the founder of a cryptocurrency called Tron, claims that some of the biggest crypto exchanges has asked for hundreds of millions of dollars to list new tokens. He says that Coinbase asked for a whopping $330 million in fees to list Tron. While he can’t back up these accusations with evidence, it’s a shocking claim given that Coinbase states they charge zilch for listing new cryptocurrencies.

Data from Cointelegraph Markets Pro and TradingView shows that most of the 100 largest cryptocurrencies closed the week in the green. Of these, the memecoin Neiro took the lead, soaring by over 55%, followed by Raydium’s token, which rose by 48% over the past week.

That’s all for this week’s major crypto updates. Tune in next Friday for more exciting scoops on this ever-evolving phenomenon.