Bitcoin Surges to $85K, Eyes $100K Milestone

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Table of Content

In today edition we talk about

• Bitcoin Surges to $85K, Eyes $100K Milestone Following Trump’s 2024 Win

• Coinbase Stock Surges Past $300 Post-Election Amid Pro-Crypto Sentiment

• OpenSea Users Drop Securities Lawsuit After Being Pushed to Arbitration

• Polygon’s AggLayer Adopts Agora’s AUSD as Native Currency for Seamless Cross-Chain Transactions

Bitcoin Surges to $85K, Eyes $100K Milestone Following Trump’s 2024 Win

Bitcoin has hit a new record high of $85,000, driven by a surge in investor optimism after Donald Trump's 2024 election victory. This puts Bitcoin only 17% away from reaching the landmark $100,000 threshold, which analysts believe could happen by year-end.

The rally in Bitcoin, now priced at $87,625, follows the Republican Party’s capture of both the presidency and a Senate majority, creating expectations for a crypto-friendly regulatory environment. Many industry experts, including Ryan Lee of Bitget Research, say Trump’s victory could fuel further gains, as increased demand for Bitcoin and elevated derivatives market activity signal a high-volatility phase.

Brian Armstrong, CEO of Coinbase, has labeled the new Senate as “the most pro-crypto Congress ever,” sparking hope for supportive crypto policies. Meanwhile, BlackRock’s Bitcoin ETF logged $1 billion in trading volume right after the election, further boosting Bitcoin’s price momentum. Experts anticipate that supportive U.S. regulations and rising inflows could push Bitcoin to the $100K milestone before 2025.

Coinbase Stock Surges Past $300 Post-Election Amid Pro-Crypto Sentiment

Coinbase’s stock has soared above $300 for the first time since 2021, surging 20% following the U.S. elections on Nov. 5. Donald Trump’s victory has sparked optimism among investors, with many seeing his administration as likely to support the crypto industry.

Analysts, including Michael Miller from Morningstar, view Coinbase as a key beneficiary of Trump’s win, anticipating less regulatory pressure on the exchange’s staking services. Coinbase CEO Brian Armstrong echoed this sentiment, calling the next Congress "the most pro-crypto Congress ever."

Coinbase recently reported $1.2 billion in Q3 revenue and outlined progress on projects aimed at onboarding one billion users. Meanwhile, other crypto firms, like Galaxy Digital, reported record trading activity, reflecting renewed interest in the crypto market after Trump’s win.

OpenSea Users Drop Securities Lawsuit After Being Pushed to Arbitration

Two OpenSea users, Anthony Shnayderman and Itai Bronshtein, have dismissed their securities lawsuit against the NFT marketplace after a judge ruled in favor of OpenSea’s demand for arbitration. The plaintiffs had accused OpenSea of selling unregistered securities, but were compelled to arbitration as per the platform’s terms of use.

The plaintiffs’ attorney, Adam Moskowitz, stated they aimed to create a regulatory framework for NFT marketplaces but now have no choice but to drop the case. Despite the dismissal, Moskowitz emphasized ongoing efforts to support NFT consumers affected by failed projects. The lawsuit initially alleged that certain NFTs sold on OpenSea were worthless and illegal securities, citing past SEC actions against other NFT projects. OpenSea previously denied the claims, calling the lawsuit “baseless.”

Polygon’s AggLayer Adopts Agora’s AUSD as Native Currency for Seamless Cross-Chain Transactions

Agora’s AUSD stablecoin is now the native currency of Polygon’s AggLayer, simplifying cross-chain liquidity by removing the need for token bridges. This integration enables smoother, cost-effective multichain transactions by using a stable, fiat-backed asset.

Agora, backed by custodians like State Street and VanEck, aims to enhance accessibility in Web3, making AggLayer more user-friendly and efficient for developers. AUSD’s inclusion could lower transaction costs and streamline interactions across chains without extra bridging fees, benefiting both developers and end-users.

This move also introduces revenue-sharing potential within the Web3 community, allowing AggLayer participants to earn income directly from AUSD’s use. Additionally, Polygon has partnered with Fabric Cryptography to implement zero-knowledge proofs, enhancing security and reducing costs for AggLayer users—a development expected to speed up blockchain innovation significantly.

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Disclaimer: Wealth Wave is just a free newsletter that aims to share information regarding the world of finance, business, investment... We are not financial advisors, which means we don't give financial advice, don't buy stocks, crypto, nfts... just because we talked about it.

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