Election Day Market Update 🦅

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U.S. Election Day is Here! 🦅

To all our readers based in the United States, don’t forget to go out and VOTE!

And as usual, here are 5 things to know in crypto this week… 💡

All eyes on Polymarket as U.S. Presidential Election bets near $4 Billion 🎲

• Massive Betting Volume: Trading volumes on US presidential election bets are nearing $4 billion across top prediction markets as of Nov. 5, with Web3-native Polymarket leading the charge at $3.3 billion despite being barred in the US.

• Trump Leads: Republican candidate Donald Trump is leading in odds across major platforms, with Polymarket giving him nearly 62% odds of winning and Kalshi and Interactive Brokers around 58%.

• Market Reaction: Crypto and traditional markets have responded positively thus far with Bitcoin briefly reclaiming $70k, and major indices all closing up above 1%.

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‘Buy the dip’ even in most bearish election outcome, says Bitwise CIO 🐂

• Bitwise CIO Matt Hougan remains bullish on crypto regardless of the US election outcome, predicting continued adoption of Bitcoin, Solana, and stablecoins.

• Hougan predicts Bitcoin will trade above $80,000 in 2024, contingent on no Democratic sweep, further Federal Reserve rate cuts, and no black swan events.

• Bitwise has filed ETF applications for Solana and XRP, which may be seen as a bet on a Trump victory, as these would likely be dismissed under a Harris administration.

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Swift, Chainlink Complete Tokenization Pilot ✈️

• Swift, UBS Asset Management, and Chainlink successfully concluded a pilot integrating traditional payment systems with tokenized assets under the Monetary Authority of Singapore’s Project Guardian.

• The pilot demonstrated how financial institutions can use the Swift network for settling tokenized fund subscriptions and redemptions, aiming to streamline processes in the $63 trillion mutual fund industry.

• Utilizing Chainlink’s platform for token minting and burning, the initiative bridges digital assets and fiat systems without requiring a full shift to onchain transactions.

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Anchorage Digital, Galaxy Digital, Kraken, Paxos, and others partner to introduce Global Dollar Network 💵

• New Stablecoin Network: Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood have launched the Global Dollar Network to promote stablecoin adoption and new use cases for USDG.

• USDG Issuance: Paxos will issue the USDG stablecoin from Singapore, adhering to the Monetary Authority of Singapore's regulations.

• Exclusive Access: The network is invite-only, targeting qualified entities like custodians, exchanges, and payment technology firms.

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OpenSea CEO teases new platform built ‘from the ground up’ a year after talk of version 2.0 🌊

• OpenSea's Reinvention: OpenSea CEO Devin Finzer announced a new platform built "from the ground up," set to launch in December, as the NFT marketplace aims to innovate amidst declining trading volumes.

• Market Struggles: NFT trading volumes have plummeted to their lowest in over three years, with Ethereum-based NFT monthly trading volumes dropping from $868M in January to $136M in October.

• Strategic Shift: The new platform comes a year after OpenSea laid off half its staff and began work on "OpenSea 2.0," aiming to regain market share and address evolving trader preferences.

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  Source: The Block

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