Bitget Daily Digest | Trump elected president, U.S. stocks and BTC reach new highs (November 7)

Market highlights

1. Trump wins U.S. presidency: Following the election, U.S. stocks achieved their best performance to date, and BTC surged to a historic high. With what may be the most pro-crypto Congress ever, the crypto market is poised to see increased support, particularly in sectors closely tied to traditional finance, like Real World Assets (RWA).

2. AI meme and religion-themed tokens: Bitget Wallet data indicates a surge in AI memecoins, notably $GOAT, as well as religion-themed tokens like $LUCE and $PNUT. Investors are advised to watch for a second wave of strong memecoin performance.

3. JPMorgan's goals for a multichain world: To enhance support for tokenized real-world assets, JPMorgan rebranded its Onyx platform to Kinexys. $ONDO, backed by Coinbase, Pantera, and others, is actively advancing RWA tokenization. The U.S. Treasury's recent reports spotlight this sector, revealing potential trading opportunities to watch.

4. Tether minting spurs confidence: Tether's minting of 2 billion USDT on Ethereum has infused fresh capital into the market, reinforcing investor optimism.

 

Market overview

1. Driven by the election results, BTC surged to nearly $76,000, with DOGE trading volume even surpassing that of ETH.

2. Trump's victory set off record highs for U.S. stocks, with small cap stocks soaring and Tesla skyrocketing nearly 15%.

3. Currently at 75,637 USDT, BTC faces significant liquidation risks. If BTC drops by 1000 points to around 74,637 USDT, cumulative long position liquidations will exceed $915 million. Conversely, if BTC rises to around 76,637 USDT, cumulative short position liquidations will exceed $594 million.Long positions should exercise caution and manage leverage prudently to avoid large-scale liquidations.

4. In the past day, BTC saw $58 billion in inflows and $55 billion in outflows, resulting in a net inflow of $3 billion.

5. Over the last 24 hours, $BTC, $ETH, $SOL, $SUI, and $ENA led in futures trading net inflows, signaling potential trading opportunities.

 

Highlights on X

1. @投资叔叔 shared insights on $GRASS airdrop

@投资叔叔 investigated the distribution of $GRASS's airdrop, uncovering several irregularities:

Unusual exchange holding: Although 10% of tokens were reportedly airdropped to the community, exchanges hold only 1.76%. By comparison, other projects, like Puffer, have an airdrop and liquidity ratio of 6.39%, making $GRASS's distribution appear unusually low.

Suspicious staking patterns: An examination of staking addresses revealed that many airdropped tokens were withdrawn from exchanges rather than staked by retail investors, raising concerns of possible manipulation by the project team.

Concentrated token distribution: @投资叔叔 discovered on FlipsideCrypto that a significant portion of airdropped tokens ended up in a small number of addresses, with only around 1% reaching retail investors. In addition, there have been instances of tokens being aggregated and transferred to exchanges, indicating possible collaboration between the project team and the exchange to manipulate the market.

Market outlook:

Risk warning: @投资叔叔 warned investors that $GRASS may be highly manipulated, with only 1%–2% in actual circulation, posing a risk of artificial market inflation. This KOL urged investors to be cautious, and suggested the project behind $GRASS may be using the airdrop to generate artificial market interest for their own advantage. Secondary market participants should thoroughly review the actual token distribution before investing.

X post: https://x.com/nice27802841047/status/1853831208876347469

 

2. @Unipcs commented on the market potential of Simon's Cat ($CAT)

@Unipcs provided their insights on the recent performance of Simon's Cat ($CAT), noting key points:

Breakout and retest of downtrend: Following a period of decline, $CAT successfully broke through and retested its downtrend, positioning for a potential rebound.

Undervalued market cap: $CAT's current market cap is only 1/7th of $POPCAT's and 1/4th of $MOG and $MEW, suggesting significant upside potential. Its advantages include:

- Broader mainstream appeal compared to other memecoins.

- One of the few cat-themed memecoins listed on both Binance Futures and OKX Spot.

Market outlook:

@Unipcs believed that $CAT has room to catch up with $POPCAT and $MEW in market cap, possibly regaining market share.

X post: https://x.com/theunipcs/status/1854259422333182126

 

3. @hitesh.eth shared three key takeaways from $COW's surge

@hitesh.eth analyzed $COW's post-listing surge, providing three takeaways:

Binance's selection criteria: Binance seems to prioritize listing projects with strong potential, with CoW Swap as a prime example.

Sign of DeFi revival: $COW's 150% surge post-listing signals renewed interest in the DeFi sector

CoW Swap's technical edge: As a new-generation decentralized exchange (DEX), CoW Swap incorporates MEV protection mechanisms and operates across Ethereum, Gnosis, and Arbitrum, achieving $3 billion in trading volume and $870,000 in revenue over the past month, all under DAO governance.

Market outlook:

@hitesh.eth believes $COW's strong performance reflects market recognition of CoW Swap's innovations, possibly signaling a new growth phase for DeFi.

X post: https://x.com/hmalviya9/status/1854192287410245769

 

4. @AltcoinSherpa analyzed market narratives and strong sectors

KOL @AltcoinSherpa observed strong performance in both DeFi 1.0 and large-cap memecoins, and emphasized these points:

Strong performance of DeFi 1.0: Established DeFi projects like $AAVE and $UNI, along with others like $ENA, $PENDLE, and $MKR, are showing strong growth momentum.

ETH betas: ETH ecosystem projects such as $LDO and $METIS are also showing strong market appeal, warranting close attention.

Market outlook:

@AltcoinSherpa recommended keeping an eye on DeFi and ETH ecosystem projects, given their strong rebound signals.

X post: https://x.com/AltcoinSherpa/status/1854208524177592722

 

 

Institutional insights

1.Bernstein: Trump administration to establish a national Bitcoin reserve and improve regulatory clarity.

Article: https://www.coindesk.com/policy/2024/11/06/crypto-friendly-sec-and-senate-banking-committee-expected-under-trump-bernstein/

2.Justin Slaughter (Policy Director at Paradigm): A former Biden administration staffer suggested that Democrats may no longer oppose crypto.

X post: https://x.com/JBSDC/status/1854146221142626363

3.Matrixport: Election-driven volatility may be easing, with further BTC gains possible by year-end.

X post: https://x.com/Matrixport_CN/status/1854056124112400447

 

 

News updates

1. Republican control of the Senate could signal stronger support for cryptocurrencies in the U.S. Congress

2. Trump is elected U.S. President, and Harris is expected to call Trump today to concede defeat.

3. OCBC partners with Ant International to simplify cross-border fund settlement through tokenized deposits.

4. Wall Street Journal: If the Republican Party wins both houses, the Federal Reserve may revise its policy stance in December.

 

 

Project updates:

1. Starknet releases its latest roadmap with a short-term focus on reducing gas fees.

2. NetMind.AI plans for an NMT token buyback and liquidity migration.

3. WazirX launches a recovery token airdrop for the settlement of outstanding debts

4. Bitcoin surpasses Meta to become the ninth-largest asset in the world by market cap.

5. Voting begins on ZKsync's new proposal to distribute 325 million ZK tokens within 9 months.

6. Bitcoin DeFi infrastructure bitSmiley's airdrop is now open for airdrop applications

7. Taiko's TVL reaches $81 million, with a record 5 million transactions recorded in a single day on November 4.

8. SOL/ETH exchange rate reaches an all-time high of 0.07137.

9. AirDAO announces exclusive rewards for Harbor (HBR) pre-sale participants.

10. Singapore's UOB Venture Management and Signum Capital Fund announces additional investments in UXLINK and their participation in the staking process

 

 

Token unlocks

Neon (NEON): To unlock 53.91 million tokens valued at $21.2 million, making up 44.92% of the circulating supply.

GoGoPool (GGP): To unlock 840,000 tokens valued at $3.7 million, making up 11.79% of the circulating supply.

Hashflow (HFT): To unlock 13.62 million tokens valued at $1.6 million, making up 2.92% of the circulating supply.

 

 

Recommended reads

The crypto industry welcomes a new president: How will Trump's return to the White House impact financial markets?

The author suggests that Trump's election may fuel expectations of more lenient policies, potentially sparking increased activity in the crypto market. This shift might further boost compliance and mainstream adoption of cryptocurrencies.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604329425

 

Will Bitcoin experience a wave of sell-off after reaching new highs?

The article suggests that Bitcoin's recent short-term surge may be overestimated. After the brief impact of election results, a more gradual uptrend is expected to unfold in 2025 and 2026, with Bitcoin's role as an inflation hedge continuing to strengthen.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604329547