Bitcoin Price: US$ 69,331.84 (+2.22%)
Ethereum Price: US$ 2,422.55 (+1.01%)
Polymarket may delay payouts for its “Presidential Election Winner 2024” contest until Inauguration Day, citing potential delays in election results from recount requirements and political tensions, unless major networks agree on a clear winner. In parallel, VanEck has introduced a European exchange-traded note (ETN) for Pyth Network’s PYTH token, providing investors in 15 countries access to a decentralised oracle protocol essential for real-world smart contract applications. Swift, UBS, and Chainlink recently completed a pilot under Singapore’s Project Guardian, showcasing tokenised fund settlements integrated with fiat systems for cost-efficient processes without blockchain-exclusive payments. Project Guardian continues to advance asset tokenisation to meet rising demand, though the Monetary Authority of Singapore (MAS) has noted challenges in scaling and infrastructure requirements for broader adoption.
Mt. Gox has moved over $2.19 billion worth of Bitcoin from its wallets in preparation to repay creditors who have waited over a decade, potentially adding significant selling pressure on Bitcoin prices. However, most creditors have held onto their Bitcoin, which could mitigate the impact on the market. US Bitcoin exchange-traded funds (ETFs) recently experienced their second-largest outflow in history, with $541.1 million leaving just before the US election, as traders reduced exposure amid political uncertainty. Bitcoin’s volatility has stalled as traders take a “wait-and-see” approach, yet Bitcoin dominance continues to rise as altcoins struggle to gain momentum.
A consortium of companies, including Robinhood, Kraken, and Paxos, has launched the USDG stablecoin and its Global Dollar Network to promote stablecoin use globally, challenging Tether and USD Coin’s market dominance. The USDG stablecoin, backed 1:1 by US dollars, will initially launch on Ethereum, with plans to expand to other blockchains as regulations evolve. Meanwhile, Bitcoin’s price is expected to remain volatile as traders await the US presidential election results, with some forecasting a rally if Donald Trump wins due to his pro-crypto stance. Despite uncertainties, analysts predict Bitcoin will recover and surpass its macro trend by Q2 2025, with early 2025 sentiment likely driving the market upward regardless of the election outcome.
Source: https://cointelegraph.com
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