Bitcoin's post-election bounce ⛹️‍♂️

As the dust settled on the U.S. election and traders brace for the Fed's expected rate cut, BTC posts huge trading volumes.

Author

Stephen Graves
November 07, 2024

📝 What you need to know

In the wake of the U.S. election result, Bitcoin posted huge trading volume as investors weighed the likelihood of Donald Trump’s pro-crypto campaign promises being fulfilled.

Crypto investors are also closely watching this week’s Federal Open Markets Committee meeting, where the Fed is expected to make a decision on whether to cut or hold its funds rate.

Elsewhere, crypto prediction markets claimed vindication over their electoral forecasting—though Polymarket now faces a potential ban in France after posting $3.5 billion in trading volume from bets on the U.S. election.

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Lower interest rates reduce borrowing costs, increase consumer spending, and make traditionally safer investments like bonds less appealing.

decrypt.co/290536/will-the-feds-upcoming-rate-cut-matter-much-for-bitcoin

US Election Results a Validation on Prediction Markets, Crypto Experts Say

As far as winners go, Trump wasn’t the only one emerging victorious on Election Day, with predictions markets seemingly vindicated.

Polymarket Faces Potential Ban in France After Raking in $3.5B from US Election: Report

France's gambling authority is reportedly preparing to ban the prediction market platform, according to a local media report.

💬 Quote of the Day

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“Investors are watching closely, hoping that pro-crypto promises made during recent conferences will be fulfilled, supporting the current rally.”

Valentin Fournier, BRN analyst

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