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BTC, US Elections, & Ripple’s XRP Spark Buzz

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4 days ago

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The dynamic realm of crypto closes yet another week, primarily with attention-nabbing developments unfolding across the broader sector. Bitcoin (BTC) price saw a considerable pump post-U.S. elections, whereas the broader market mirrored immense bullishness in light of Donald Trump’s win as the 47th president. Simultaneously, Ripple’s XRP stole the spotlight this week, witnessing remarkable developments.

So, here’s a brief overview of some of the top market headlines reported by CoinGape Media over the past week.

BTC & Crypto Market Mirrors Bullishness Post-US Elections

Notably, this week saw Republican Donald Trump winning the U.S. presidential elections 2024, proving highly bullish for the broader cryptocurrency market. CoinGape Media reported that BTC scaled a new ATH this week in light of the Republican’s recent win. Moreover, with the American elections concluding, a total of 242 pro-crypto candidates were elected to the U.S. House of Representatives. Also, 14 pro-cryptocurrency candidates were elected to the Senate. Overall, the latest U.S. presidential elections saw a substantial influence due to policies and standings on digital assets, ultimately proving bullish for the broader industry.

Meanwhile, market speculations that the U.S. SEC will drop a majority of the digital asset lawsuits persist in light of the pro-cryptocurrency candidate’s victory. Further, even speculations of SEC chair Gary Gensler’s resignation under Trump’s presidency persisted across the market this week.

In the interim, Dogecoin caught the eyes of market watchers globally, primarily in the wake of Elon Musk’s D.O.G.E. role under Trump’s cabinet. The meme coin soared nearly 50% over the past week, cementing investor optimism on the asset’s price movement.

Simultaneously, it’s noteworthy that new BTC wallets embarked upon an accumulation spree this week, bagging nearly $145 million worth of coins. Also, the U.S. Fed announced slashing the interest rates by 0.25 bps, adding to the optimism surrounding risk assets this week. In turn, BTC price soared to hit a new ATH this week at $77,507. Weekly gains for the flagship crypto totaled 13% amid the U.S. election buzz.

Ripple’s XRP Garners Attention

Meanwhile, Ripple’s XRP sparked significant market discussions this week, seeing notable developments in light of Trump’s win with a pro-crypto stance. Ripple CEO Brad Garlinghouse reflects immense optimism for the cryptocurrency industry in the wake of the Republican’s win.

Further, the odds of an XRP ETF gained substantial weight this week in light of Trump’s pro-cryptocurrency administration. Also, Ripple recently hinted at plans to launch a Dirham-backed stablecoin in the UAE. In addition, XRP price witnessed a 14% upsurge over the past week, reaching the $0.57 level.

Overall, the abovementioned developments set off waves of discussions across the digital asset industry this week.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase CEO Slams DOJ For Alleged Political Polymarket Probe

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3 hours ago

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November 14, 2024

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Coinbase CEO Brian Armstrong has criticized the Department of Justice (DOJ) for its recent investigation into Polymarket, a cryptocurrency-based prediction market platform. Armstrong expressed frustration on social media, suggesting that the DOJ’s actions are politically motivated and could inadvertently strengthen Polymarket’s influence. 

The ongoing probe, which involved a search of Polymarket CEO Shayne Coplan’s devices, has sparked widespread debate in the cryptocurrency and technology sectors.

Coinbase CEO Brian Armstrong Criticizes DOJ

In a post on X (formely Twitter), the Coinbase CEO Brian Armstrong, has given his two cents on the Polymarket probe. Amid an FBI raid, Polymarket is said to have violated the terms of its earlier settlements with U.S. regulators by permitting U.S.-based users to place bets, the DOJ probe of the platform suggests. 

A 2022 consent order with the Commodity Futures Trading Commission (CFTC) limited Polymarket’s access to US-based traders and the company paid a $1.4 million penalty. But latest findings suggest that US users might still be using the platform hence raising compliance issues.

The probe has picked up pace after a surge in election-related trades on Polymarket particularly those in favour of Donald Trump’s re-election. Critics, however, despite the Coinbase CEO comments, have expressed fears that such big bets can manipulate the general opinion. 

Polymarket has however said it takes steps to ensure that its services are not used by those based in the United States, but the DoJ’s investigation indicates that the company remains concerned about potential violations.

Polymarket Denies Political Motivations, Defends Its Operations

In reaction to the DOJ’s actions, Polymarket has come forward to explain that its platform is a tool that aids people in gaining information about the world, including elections. 

The company called the DOJ’s actions politically motivated and said that the company would fight for “itself and its community.” Polymarket’s CEO Shayne Coplan commented on the matter stating that it was a disappointing “last-ditch effort” by the current administration to go after companies they feel are linked to political opponents.

He highlighted that Polymarket does not take sides, saying that regulators should instead concentrate on creating a favorable climate for business and startups.

“Polymarket has helped hundreds of millions of people during this election cycle and has not hurt anyone,” Coplan said in a tweet.

The management of Polymarket also emphasized the openness of the platform and the unwillingingness to violate current legislation. Since the CFTC settlement, the company has put in place further measures to check the location of users and to limit the access of suspected US participants.

French Regulators Also Scrutinize Operations

However, there are more regulatory concerns for Polymarket than just the US ones. In France, the country’s gambling regulator, the ANJ, is reportedly mulling over the possibilities of banning Polymarket due to unlicensed gambling services. The French authorities have taken notice of the company after recording a surge in the number of bets placed during the US presidential election.

In particular, the response of Coinbase CEO, to the DOJ investigation has been popular among the cryptocurrency community who consider the probe as a threat to free speech. 

Solana co-founder Anatoly Yakovenko also came out in support of Polymarket, saying that data markets are a form of “political speech” covered by the First Amendment. This view is supported by a number of crypto industry executives who claim that banning platforms like Polymarket hampers people’s ability to discuss political events.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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FBI Raids Polymarket CEO Following Donald Trump’s Victory Prediction

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7 hours ago

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November 13, 2024

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The FBI confiscated Polymarket CEO Shayne Coplan’s phone and electronics early Wednesday morning, just a week after the platform accurately predicted Donald Trump’s presidential victory.

According to the sources, law enforcement officers arrived at the 26-year-old entrepreneur’s Soho residence at 6:00 a.m., demanding his devices.

FBI Raids Polymarket CEO’s Home After Platform Accurately Predicted Trump Election Victory

In an early morning raid on Wednesday, the FBI seized the phone and electronics of Polymarket CEO Shayne Coplan, just a week after the platform’s election betting correctly predicted President-elect Donald Trump’s victory.

At 6:00 a.m., police appeared at the 26-year-old entrepreneur’s Soho residence and commanded his devices. A source close to the matter described the raid as “political theatre” because law enforcement could have requested what they asked for through attorneys.

The government might consider political retaliation against the now-accurate market that predicted Trump’s victory, a source said. That’s what the government could say: ‘It’s market manipulation, or rigging for Trump to win,’ the source said.

Polymarket is a free public prediction market meant to shine light on events like elections. The spokesperson said: “We do not collect any fees, do not take positions in any markets, and publish our markets’ data for free.”.

For his part, the source said that Coplan was not arrested at the time of the incident.

Acting As a Key Indicator Ahead of Official Election Call

When polls closed one election night, Polymarket had the odds of a Trump victory at roughly 58%. As the night wore on, his odds began to climb. By 11:43 p.m., nearly six hours before the Associated Press called the election-his odds sat at 95%.

Coplan posted on X early Wednesday, saying reports indicated the Trump campaign knew of their victory through Polymarket’s prediction. For a month before the election, Trump led Vice President Kamala Harris in prediction markets, with his odds at 67%. Conventional polls never showed a clear leader, with neither candidate breaking the margin of error in key states.

Coplan called the result a “vindication” of prediction markets, proving the site as “the most accurate way to follow the election.” This election marked the first time Americans could legally bet on the outcome. In early October, a federal court ruled in favor of Kalshi, allowing election event contracts.

Be it as it may, this is not the first problem Polymarket has with the government. Recently it was announced it is likely for it to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 US presidential election.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Co-Founder Reveals How To Make DOGE Deflationary

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11 hours ago

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November 13, 2024

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Dogecoin co-founder Billy Markus has revealed how to make DOGE deflationary. The foremost meme coin’s total supply is unlimited, as it has a fixed yearly issuance of 5 billion coins, which could ultimately impact its value over time.

Dogecoin Founder Reveals How To Make DOGE Deflationary

In an X post, Billy Markus shared the GitHub code to remove Dogecoin’s inflation. He mentioned that anyone who was looking to make DOGE deflationary could simply make a pull request and convince the community and miners to use the new version.

The top meme coin currently has a total supply of 146.78 billion DOGE. That figure is bound to grow over time since 5 billion coins come into circulation yearly through mining rewards. However, this inflation rate decreases yearly compared to the coin’s total supply.

Billy Markus’ revelation came following criticisms about Dogecoin’s ‘infinite’ supply. Interestingly, he likened DOGE to Bitcoin while defending the former’s inflationary status. Markus claimed that DOGE and BTC are the “same with very minor parameter changes.”

He made this statement because Bitcoin’s total supply can increase from 21 million if the community and miners agree. Meanwhile, Markus also noted that based on its 21 million supply, BTC will continue to witness a supply shock until 2140.

Meanwhile, in another X post, The DOGE co-founder again highlighted the community’s power in determining the meme coin’s inflationary status. He remarked that the community is literally in control and has always been since Dogecoin is an open-source proof-of-work (PoW) cryptocurrency, and miners agreed to the code.

Elon Musk Says Inflationary Status Is A Feature Not A Bug

Following Billy Markus’ revelation on how to make DOGE deflationary, Elon Musk responded that he thinks Dogecoin’s flat inflation is a feature, not a bug. Flat inflation refers to how the meme coin’s inflation percentage decreases over time.

Markus agreed that Dogecoin’s inflationary status is ideal since it is intended to be used as a currency. He added that this meme coin’s inflation status is steady and predictable, with a percentage that goes down over time. He suggested that this makes DOGE better than the Dollar as a currency since its inflation rate is much lower.

 

Musk’s statement comes after Donald Trump appointed him to lead the Department of Government Efficiency (D.O.G.E). It is worth mentioning that the world’s richest man coined the department’s name. The similarity between D.O.G.E and DOGE is believed to be deliberate since Musk is known for indirectly shilling the foremost meme coin.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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