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Block 1: Essential news
Trump sends cryptos soaring
Donald Trump's victory has sent the market capitalization of major cryptocurrencies soaring. One example is bitcoin (BTC), which hit a new all-time high of $75,000 overnight, up 7.4% over 24 hours. During the campaign, Trump pledged to make the United States "the bitcoin and cryptocurrency capital of the world" with an extremely relaxed regulatory framework, unlike the Biden administration, which was more reticent on the subject. Also on the rise were ether (ETH), up almost 10% ($2,660), Solana (SOL), up 12% ($187), and dogecoin (DOGE ), historically backed by Elon Musk, up more than 13% ($0.19).
Deutsche Telekom has a green thumb with bitcoin
Deutsche Telekom, Europe's largest telecommunications company, is starting to mine Bitcoin using exclusively surplus green energy. This pilot project, carried out by its subsidiary MMS in partnership with Metzler Bank, uses surplus energy generated by renewable infrastructures to power mining operations. Based in Backnang, the project is evaluating how wind power producers can stabilize their production by mining BTC. Deutsche Telekom, already active in blockchain, also operates nodes for networks such as Celo and Polkadot, and launched a staking service on Ethereum in 2022.
UBS continues to tokenize
UBS has launched a tokenized money fund, the UBS USD Money Market Investment Fund Token (uMINT), on the Ethereum blockchain. Following an experimental project in collaboration with the Monetary Authority of Singapore last year, UBS continues to innovate with this fund, which meets growing investor demand for tokenized financial assets according to UBS. This initiative is in line with the strategy of UBS Tokenize, which has already tokenized structured notes and carried out cross-border transactions in tokenized bonds.
Tether: The king of stablecoins
Tether unveiled strong results for the third quarter of 2024, with net income of $2.5 billion, bringing its annual total to $7.7 billion. Despite these financial successes, the company is facing a potential investigation by the US Department of Justice regarding the use of USDT in illicit activities, although CEO Paolo Ardoino has denied any evidence of this. Quarterly gains came mainly from returns on US Treasury holdings and the valuation of its gold reserves. With a capitalization in excess of $120 billion, Tether continues to consolidate its position as stablecoin leader, posting excess reserves of over $6 billion.
Block 2: Crypto Analysis of the week
With the official election of Donald Trump as President of the United States this Wednesday, the cryptocurrency sector, and its most fervent supporters, is gearing up for what many see as a new era of opportunity. Trump's commitment to supporting bitcoin miners and other key players in the sector was a strong point of his campaign, and his victory has only strengthened the industry's optimism.
Companies in the sector overwhelmingly supported Trump and the other candidates during the election campaign. According to a report by Public Citizen published in August, crypto companies were by far the biggest political spenders in 2024, with 44% of all corporate funds poured into this year's elections coming from cryptocurrency backers. In total, more than $138 million was invested in pro-crypto super PACs including Fairshake, Protect Progress and Defend American Jobs.
As a reminder, a super PAC, or Super Political Action Committee, is a political fundraising committee capable of receiving unlimited donations from individuals, corporations, and unions to support or oppose candidates in elections. Unlike traditional PACs, super PACs are not allowed to donate directly to candidates or coordinate actions with them, but they can fund independent campaigns to influence public opinion and electoral outcomes.
OpenSecrets
Significant contributions included major industry players such as Coinbase, Ripple and Jump Crypto, which collectively gave around $93 million, while venture capital giant Andreessen Horowitz added $45.2 million.
Industry leaders such as the Winklevoss twins, founders of the Gemini exchange, also showed their support by contributing $5 million through Winklevoss Capital Management. The likes of Marc Andreessen and Ben Horowitz of Andreessen Horowitz also backed Trump's campaign by donating $5 million to Right for America, a pro-Trump super PAC.
OpenSecrets
With a new Trump administration on the horizon and the potential appointment of a new US Securities and Exchange Commissioner, crypto-currency advocates are determined to elect a crypto-friendly president and members of Congress. As Coinbase CEO Brian Armstrong recently remarked in a CNN interview , "This will be the most pro-crypto Congress we've ever had."
With the Trump administration, Congress is increasingly expected to change its regulatory approach to the sector, particularly with the likely appointment of a new, more industry-friendly Securities and Exchange Commission (SEC) commissioner. As Trump pointed out at a major bitcoin conference in Nashville in June, "I'm going to fire Gary Gensler and put in place an SEC that believes America should build the future, not block it. From now on, the rules will be made by people who love your industry, not those who oppose it."
Block 3: Gainers & Losers
Crypto chart (Click to enlarge)
Block 4: Readings of the week
David Marcus: From PayPal president to Bitcoin enthusiast (Bitcoin Magazine)
Making crypto tokens useful and fair (CoinDesk)
