Cointime

Cointime

Download App
iOS & Android

Post Election Thoughts

Cointime Official

From Paul Veradittakit

I shared some of my post-election thoughts with Coindesk, Crypto For Advisors

Copy below:

A week after the election, crypto sentiment remains strong. Polymarket, bitcoin and a possibly more efficient and crypto-positive government are all tailwinds to look forward to.

Polymarket

Polymarket, a predictions market built on the Polygon blockchain, saw an explosion of usage leading up to the election, peaking at over $3.2 billion bet on the election, orders of magnitude more than pre-election volumes. Compared to other prediction markets, Polymarket charges no fees, allows seamless trading in and out of positions and is decentralized, meaning anyone can trade directly with the underlying contracts on-chain via the API (allowing for anyone to make trading bots) and anyone from a non-blacklisted geography can access the website frontend.

Polymarket Open Interest

Though open interest has dramatically fallen post-election, there is a belief that mainstream users have both tried and enjoyed using Polymarket over any centralized entities. One definite win post-election is the discussion of Polymarket’s accuracy by the mainstream media. The Economist, The Wall Street Journal, Forbes, and more have cited Polymarket as the largest prediction market and have used it to judge discrepancies between polls and voting sentiment before and after the election.

Hopefully, Polymarket’s enthusiasm permeates into the broader crypto ecosystem and also inspires more crypto apps to take from Polymarket’s playbook in the pursuit of better usability, abstraction and marketing.

Bitcoin and altcoins

Bitcoin is at an all-time high of over $87,000, pumping to $77,000 right after the election and rising ever since. Altcoins tangentially related to the election also surged, like those on Solana. The Trump Presidency does not directly lead to greater bitcoin buy pressure, but his public support of it was enough to cause a rally in these coins.

Looking forward

Positive headwinds in crypto caused by the election itself may not be as sticky in a month. However, the ramifications of a unified Republican House and Senate majority may mean a more productive government, and one that passes more legislation surrounding crypto.

Crypto election updates from StandWithCrypto

Significantly more pro-crypto than anti-crypto representatives across both sides of the aisle have been elected (266 vs. 120 in the house, 18 vs. 12 in the senate). And pro-crypto Trump may be lighter on crypto regulation or will push crypto-supporting regulation. World Liberty Financial is a crypto project being promoted by Trump and says it will run as an Aave instance (one of the largest DeFi protocols).

What does this mean going forward? First, it may mean lobbying efforts, like those from Ripple and Coinbase, may increase in order to push the wording of crypto regulation in one direction or another.

It is believed that U.S. regulation has been unclear, and clarity would drastically change the thinking around operating in the U.S. The largest crypto venture capital firms are largely still based in the U.S., so allowing the companies that are funded to operate in the country could supercharge the industry, supporting the domestic crypto market.

There has also been excitement from top DeFi protocols like Compound and Uniswap surrounding previously “off-limit” protocol features, like staking, fee-switches and more. Adding regulatory clarity around these features may cause firms to innovate on DeFi protocols.

Overall, I am very optimistic about the direction the crypto industry is heading, especially post-election. A unified House and Senate may bring unexpected wins in an ever-changing industry.

- Paul Veradittakit

Comments

All Comments

Recommended for you

  • Amazon Shares Surge 15.2%, Biggest Gain Since 2012

    On July 31, Amazon shares surged 15.2% to $271.255 per share, marking their biggest gain since 2012, with a total market value of $2.92 trillion.

  • US Treasury Secretary Bessent Vows to Track Down Iranian Assets Globally for Terror Victims

    US Treasury Secretary Bessent said the US will actively track down Iranian assets worldwide to ensure compensation funds for victims of Iran-backed terrorist activities. Bessent stated that the US government's military and economic blockade measures against the Iranian regime will continue and will not be relaxed. (Jinshi)

  • Apple Plunges Nearly 10%, Q4 Revenue Guidance Misses Expectations

    On July 31, Apple (AAPL.US) plunged nearly 10% to $300.33, marking its biggest drop since April 2025. In terms of fundamentals, Apple's third-fiscal-quarter revenue rose approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Among the details, product revenue came in at $78.68 billion, beating the expected $77.25 billion. However, services revenue—a key driver of its valuation re-rating in recent years—totaled $30.74 billion, missing the consensus estimate of $31.36 billion. Additionally, Greater China revenue reached $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' forecast of $19.58 billion. During the earnings call, Apple guided fourth-fiscal-quarter revenue growth in the range of 9% to 11%, overall below the 12.1% analysts had expected. CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth fiscal quarter, with currency fluctuations also constraining growth.

  • Three Fed Officials Back Rate Hike, Hawkish Pressure Builds

    On July 31, three Federal Reserve policymakers said that dissenting votes in favor of a rate hike this week stemmed from stubborn inflationary pressures, highlighting rising internal pressure on Fed Chair Warsh to act. In statements released Friday morning, Hammack and Kashkari said they worry that although the current round of price increases may stem from short-term factors such as President Trump's tariff policies and the Iran war, the inflation situation already warrants Fed action. Logan also joined in, saying that even if inflation cools, if the Fed does not raise rates, inflation is unlikely to fully fall back to the Fed's 2% target; without any policy constraints, inflation could continue to run above target until an unexpected shock occurs. Kashkari said that if inflation remains persistently stubborn, he might support a series of rate hikes, not just a single increase, to prevent inflation from becoming further entrenched. He said: "A series of small policy adjustments may be preferable to waiting for developments to unfold and ultimately having to take more forceful action." Hammack said that if the Fed does not tighten policy, price increases could continue to accelerate. She said: "Inflation has been stubbornly above 2% for more than five years, and I have no confidence that it will return to our target on its own." (Jin Shi)

  • US 10-Year Treasury Yield Rises to 4.7388%, Highest Since January 2025

    On July 31, the US 10-year Treasury yield rose to 4.7388%, the highest level since January 2025.

  • Spot Gold Intraday Decline Widens to 2%, at $4,021.08 per Ounce

    On July 31, spot gold's intraday decline widened to 2%, reported at $4,021.08 per ounce.

  • BTC Falls Below $63,000

    Market数据显示，BTC has fallen below $63,000, currently reported at $62,985.99, with a 24-hour decline of 2.99%. Market volatility is significant, please exercise risk control.

  • Fed's Logan: Leaning Toward 25 Basis Point Rate Hike

    On July 31, Federal Reserve Governor Logan said she leans toward a 25 basis point rate hike, believing inflation has not yet entered a sustainable path back to the Fed's 2% target. Logan stated that taking moderate action now would reduce the risk of needing more aggressive tightening in the future, while emphasizing that the Fed cannot rely on unexpected shocks to achieve its inflation target.

  • Fed's Logan: Taking Modest Actions Now Reduces Likelihood of Needing Stronger Action Later

    On July 31, Dallas Fed President Lorie Logan said that taking modest actions in the near term would reduce the likelihood of needing to take stronger action in the future.

  • Philadelphia Semiconductor Index Erases 5% Gain, Turns Lower

    On July 31, U.S. chip and semiconductor stocks rapidly weakened, with the Philadelphia Semiconductor Index wiping out a 5% gain and turning lower. Micron Technology, which had risen 6%, is now down 4.2%. SanDisk, which had gained nearly 10%, is now down over 6%. SK Hynix and Seagate Technology, which had risen over 8%, are now down 2%. TSMC, which had gained 4%, is now down nearly 1%.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company