Updated on November 8, 2024
Trump boosts crypto, DeFi in spotlight.
5 minutes read
Trump’s victory seems positive for crypto.
With Trump back in the White House, crypto prices saw a sharp increase. Investors expect him to implement more lenient regulations and a crypto-friendly policy, something the market has been anticipating. Trump has previously positioned himself as the “crypto president,” with ambitions for a national Bitcoin reserve and plans to turn the U.S. into a mining hub through less restrictive rules. Many investors believe his presidency could give the industry a major boost.
These elections were a key milestone for the sector, as crypto became a serious political topic for the first time. This shows how mature and influential the industry has become within the broader economy.
Crypto prediction market Polymarket becomes most downloaded app.
Polymarket, the world’s largest prediction market, has become the first Ethereum-based crypto app to go mainstream. It was the most downloaded free news app in the U.S. App Store, largely due to the U.S. presidential elections. The app gained global attention as the leading prediction market providing real-time insight into the contest between Trump and Harris.
Source: Polymarket
DeFi in the spotlight.
Trump’s victory has given the Decentralized Finance (DeFi) sector a significant boost. Many investors believe his supportive stance on crypto innovation and regulatory leniency will benefit DeFi. This optimism led to a price surge on platforms like Uniswap. Uniswap, one of the biggest players in DeFi and a holding in our Flagship portfolio, rose 28% following the election results. This all highlights renewed interest in DeFi as an innovative financial solution.