Record Volume on BlackRock Bitcoin ETF with Trump Victory
Following Trump’s victory in the U.S. presidential election, BlackRock’s IBIT spot Bitcoin ETF saw $1 billion in trading volume in the first 20 minutes. This was a surge that reflected Trump’s crypto-friendly stance and coincided with Bitcoin’s rise to over $75,000, setting a new record. BlackRock’s ETF, which has $30 billion in assets, has also led other Bitcoin ETFs with record trading volumes. Trump’s promise to create a strategic Bitcoin reserve and reform regulatory policies is thought to have added to investor excitement.
Avalanche Foundation Severs Ties with Terra: $52 Million Buyback
The Avalanche Foundation has repurchased $52 million worth of AVAX tokens from the Luna Foundation Guard (LFG), ending its relationship with Terra’s failed stablecoin project TerraUSD (UST). Initially, as part of a strategic partnership to support the stability of UST, the Avalanche Foundation had transferred $100 million worth of AVAX tokens to LFG, but UST collapsed in 2022. Following the collapse of Terra, Avalanche worked to get its tokens back and received permission from a bankruptcy court to complete this buyback. The funds recovered will be used for initiatives such as grants and development programs to support the Avalanche ecosystem. This buyback ends a significant portion of the market contagion triggered by Terra’s collapse.
Bitcoin Surpasses $75,000 and Becomes One of the Top 10 Assets
Bitcoin hit a new record high, surpassing $75,000 and re-entering the top 10 global assets as its market capitalization rose to $1.5 trillion. It currently has a market capitalization of $1.475 trillion, surpassing giants like Meta, Berkshire Hathaway, and Tesla. This rally was partly influenced by the optimism in the market as Trump’s chances of becoming president increased. Ethereum also rose, ranking 34th on the global asset list with a market cap of $310 billion. Gold, on the other hand, is still in the lead with a market capitalization of $18 trillion.
Solana Overtook BNB to 4. Became the Big Crypto
Solana (SOL) has surpassed Binance Coin (BNB) in terms of market capitalization to become the fourth-largest cryptocurrency with a value of $87.3 billion. This rise developed in parallel with the optimism in the altcoin market, which occurred as Bitcoin broke a record by rising above $ 75,000. Dogecoin, one of the other prominent altcoins, increased by 30%, briefly outpacing XRP. While most assets appreciated, some, such as Tron (TRX), held steady and Monero (XMR) experienced a slight decline. This rise comes amid a surge of crypto interest in the U.S. presidential election.
Arkham’s Crypto Futures Attack
Arkham Research has announced that it will go directly into crypto trading next week, launching the first crypto exchange for futures (“perps”). The exchange will include on-chain auditing, proof-of-reserves, and Arkham’s data panel integration that tracks crypto transactions. Perps, also known as perpetual swaps, allows traders to hold their positions indefinitely with leverage or hedge. Arkham, which is backed by investors such as Peter Thiel and Sam Altman, attracted attention last year with its data-trading Intel Exchange. Arkham’s token, ARKM, surged 24% on market interest following Trump’s candidacy.
Polymarket Closes Bet Showing Trump as Favorite
Crypto prediction market Polymarket has closed the U.S. presidential election market with a trading volume of $3.6 billion, confirming predictions that mostly portray Trump as the favorite. While emphasizing the platform’s accuracy compared to traditional surveys, Polymarket CEO Shayne Coplan noted that Polymarket is also used as a source by non-crypto media outlets such as “The New York Times.” The market gave Trump a 71.5% chance of winning, while candidates such as Harris and Biden also received attention. Although the electoral market is closed; Polymarket continues to keep other political markets open in anticipation of the token launch.
TRON Announces Chainlink Integration at SmartCon
TRON participated in SmartCon as a Silver Sponsor under the leadership of Justin Sun, and Sun announced the integration of TRON with Chainlink’s Dataflows to support DeFi applications. This partnership, which is part of the Chainlink Scale program; It aims to support TRON’s $60 billion in stablecoins and real-world assets while providing developers with reliable oracle services. Sun also noted the growth of TRON, with 270 million user accounts and 8.8 billion transactions. TRON’s future plans include a Bitcoin Layer 2 solution and stablecoin transfers with no gas fees.
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BITCOIN (BTC)
BTC is priced at 75,162 with a loss of 0.50% as of the morning hours. Holding below 75,000 is likely to lead the price back to the previous support zone of 73,620. If the price finds strong support at this level, the continuation of the uptrend can be achieved. However, if this support zone is broken, it may be possible for the price to make a correction towards the 71,000 level, which previously acted as resistance. Closes above the 75,000 level can maintain upside momentum, while closes below this level may bring up the price’s search for support.
ETHEREUM (ETH)
ETH is priced at $2861 with a 5.08% gain in value as of the morning hours. The price appears to have risen above the 2,819 level. This level was acting as an important resistance, but the price broke this resistance and rose to the 2,856 level. This strong breakout movement indicates high buyer interest. If the uptrend continues, it could be possible for the price to reach new highs and test the 2,900 level. However, if the price consolidates or pulls back at these levels, the first support will be at 2,819. In case of a close below this level, the 2,725 level, which previously worked as resistance, can be watched as support. If there is a hold above the 2,819 level, the uptrend can be expected to continue. However, closes below this level could signal a short-term correction.
RIPPLE (XRP)
XRP is priced at $0.5654 with a loss of 4.40% as of the morning hours. The price is seen reaching the level of 0.5634. Currently, the price has entered a resistance zone. This resistance level stands out as an area that has been tested during previous price movements and where the price has bounced back. At this level, there is a possibility that selling pressure will increase and the price will retrace. If the price manages to break this resistance level, it can be expected that the upside moves will continue and the higher resistance levels will be tested. In case of price pullback, the 0.54 level can be watched as the first support. Below this level, there is a wider support zone between 0.51 and 0.52. If the price breaks through the resistance and closes above it, this move can be interpreted as a strong bullish signal and the price can be expected to move towards 0.59 levels.
AVALANCHE (AVAX)
AVAX is priced at $27.87 with a value gain of 3.11% as of the morning hours. The price continued its upward movement, breaking the 26.37 level, which previously worked as resistance, and is currently trading at the 27.78 level. The resistance zone at this level stands out as an area where the price has retreated in the past, and there may be selling pressure here. If the price manages to break through this resistance level, it can be expected that the upside movement will continue and higher resistance levels will be tested. However, in case of a pullback from this level, the 26.37 level can be watched as the first support point. Below this support level is the area around 24.00, which is a wide support zone.
SOLANA (SOL)
SOL is priced at $190.13 with a 1.90% gain in value as of morning. This rise, which started from an important support zone at 163.70, exceeded the 183.38 level, which can be followed as an intermediate resistance. Persistence above this resistance level can be considered as a positive signal for the continuation of the uptrend. If the price manages to hold at these levels, new targets to the upside may be possible. However, in a possible pullback, the 183.38 level should be followed as the first support point. If this support is broken, a pullback to the stronger support level of 163.70 may come to the fore.
