Cryptocurrency markets remain buoyant as Donald Trump allows crypto donations for his campaign and Market Vector debuts its Meme Coin Index. Major coins such as Bitcoin and Ethereum show modest gains, with Solana, Dogecoin, and Shiba Inu posting notable increases. Exchange netflows experience a significant decline, and institutional adoption continues with Mastercard and other major banks testing tokenized asset settlements.
Cryptocurrency Markets Surge as Trump Embraces Digital Donations and Meme Coin Index Launched
Major cryptocurrencies are witnessing a remarkable upswing, driven by several positive developments, including former President Donald Trump's embrace of crypto donations for his election campaign and the launch of the Meme Coin Index by Market Vector.
Current Market Conditions
At the time of writing, the cryptocurrency market is exhibiting a predominantly positive trend, with major tokens demonstrating flat or marginal gains.
Cryptocurrency | Gains +/- | Price |
---|
Bitcoin (BTC/USD) | +0.27% | $62,454.83 |
Ethereum (ETH/USD) | +0.75% | $3,020.16 |
Solana (SOL/USD) | +3.4% | $150.59 |
Dogecoin (DOGE/USD) | +2.2% | $0.1501 |
Shiba Inu (SHIB/USD) | +2.1% | $0.0000233 |
Notable Statistics
- IntoTheBlock data reveals a significant 4,927.9% decline in exchange netflows, indicating a drop in both inflows and outflows.
- Lookonchain data suggests that nine ETFs experienced outflows of 195 bitcoin, worth approximately $12 million.
- Bloomberg reports that major U.S. banks, such as Mastercard, JPMorgan, Visa, and Citibank, are exploring shared-ledger technology for tokenized asset settlements.
- Harvest, a Hong Kong-based Bitcoin ETF issuer, aims to make its ETF available to mainland Chinese investors through Stock Connect.
Significant Developments
- Robinhood's analysts express surprise at the high volume of crypto trading, particularly in the second quarter, citing positive reasons for optimism.
- Spot Bitcoin ETFs witnessed net inflows of $11 million on Wednesday as Grayscale shifts its focus towards a spot Ether ETF.
- JPMorgan analysts remain optimistic about the future approval of spot Ether ETFs despite regulatory hurdles.
Top Gainers
The following tokens have experienced notable gains:
Cryptocurrency | Gains +/- | Price |
---|
Akash Network (AKT/USD) | +18.6% | $5.19 |
Render (RNDR/USD) | +11.2% | $10.81 |
Arweave (AR/USD) | +10.8% | $41.19 |
Technical Analysis
- Crypto technical analyst Ali Martinez indicates that Bitcoin is currently consolidating.
- Rekt Capital notes the significance of "long downside wicks" at the end of major corrections, suggesting the potential for a price reversal.
- Macroeconomist Seth questions whether Bitcoin will follow a different path this time, given the similarities in market conditions to 2023-2024.
- Santiment data highlights high uncertainty and a decline in small wallets, suggesting ingredients for Bitcoin to experience stable recoveries leading up to summer.
Upcoming Events
Benzinga's upcoming Future of Digital Assets event on November 19 will extensively explore the impact of Bitcoin as an institutional asset class.
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