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Good Morning,

Here's a quick preview of today’s content: JPMorgan is leaning more into crypto like never before, meme coin factory pump.fun breaks records, Cathie Wood is excited for crypto’s future under Trump, (speaking of the President) a full look into Trump’s promises to crypto, and more.

Let’s dive in.

Before The Bell

Market Snapshots

• Crypto assets continued to rise on Wednesday following Donald Trump's victory in the U.S. presidential election, with Bitcoin surging past $76,000 for the first time ever

• The rally was fueled by expectations that the election outcome could create a more favorable environment for digital assets in the world’s largest economy. Bitcoin reached a new all-time high of $76,330 during U.S. trading hours, marking a 9.5% increase in the past 24 hours

• Ethereum’s ether (ETH) climbed nearly to $2,700, gaining 11% over the same period

• The CoinDesk 20 Index also rose by 10.7%, driven by strong performances from decentralized exchange Uniswap (UNI), layer-1 blockchain Solana (SOL), and the decentralized GPU rendering platform Render (RNDR)

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Global messaging network Swift concluded a pilot program to streamline tokenized fund settlement using fiat currency in collaboration with UBS and Chainlink (CS)

• JPMorgan has announced the launch of instant euro-dollar conversions on its blockchain (CS)

• BlackRock’s Bitcoin ETF saw over $1B in volume in the first minutes of trading after Donald Trump’s presidential victory (CT)

• TRON founder Justin Sun offered SEC chair Gary Gensler a job if he is ousted by the future Trump administration (BC)

• France's National Gaming Authority is reportedly planning to block Polymarket, the blockchain-based prediction market platform that saw $3.5B in trading volume during the U.S. presidential election (DC)

• ARK Invest CEO Cathie Wood believes that the Trump victory will put Blockchain growth on steroids (DH)

• BlackRock Bitcoin ETF sees ‘biggest volume day ever’ with $4.1B traded (CT)

• Bitwise CIO declares: ‘We are entering The Golden Age of Crypto’ with years of bull market ahead’ (BT)

• Leading Web3 investment firm Foresight Ventures partnered with The Block to co-host crypto’s Emergence Conference (MT) 

• The Republican Party secured majority control of the US Senate, offering a promising outlook for crypto regulation (CT)

• Crypto exchange Crypto.com aims to launch its own stablecoin and ETF in 2025 (CS)

• Galaxy CEO Mike Novogratz believes that Commissioner Hester Peirce would be an excellent choice for the next SEC Chair (CG)

• FTX sued Ryan Salame, the former co-CEO of its Bahamian subsidiary, to recover $98.8M (CS)

• Blockchain entrepreneur Bernie Moreno unseated three-term incumbent Senator Sherrod Brown, a Democrat from Ohio (FP)

• NFT monthly sales surge 18%, Mutant Ape ripoff creator avoids prison (CT)

• Arkham Research enters crypto market with new exchange for perpetual trading (TB)

• Pump.fun hits record revenue amid AI and memecoin frenzy, surging to $30.5M in October (TB)

• Solana transfer volume suddenly spikes $224B in single day (DH)

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Launches

• Crypto exchange Bybit announced the release of rCryptoLens AI, an AI-powered tool developed to streamline and elevate token analysis (CD)

• Telegram tap-to-earn combat game MemeFi has delayed its airdrop date yet again (DC)

• WazirX founder Nischal Shetty announced the launch of a decentralized exchange (CT)

Venture Capital

• Swisstronik, a blockchain platform for regulatory-compliant, privacy-preserving Web3 apps, secured a $5M investment from Hong Kong-based Syndicate Capital Web3 Venture Fund (CS)

• Banking giant standard chartered's crypto custodian in talks for $50M raise (DH)

Regulation

• Elizabeth Warren clinches 3rd term, defeats crypto advocate John Deaton (BC)

• Wyoming lawmaker doubles down on crypto promises after Trump win (CT)

• Senator Lummis, known as the 'Crypto Queen’, says her Bitcoin reserve proposal faces uphill battle (CT)

Extra Reads

• President Trump makes 11 promises to boost Bitcoin and crypto, pledging tax cuts, mining support, and aiming to make the U.S. a crypto hub (CG)

Chart of the Day

MicroStrategy breaks $50M market cap and is now worth more than Ford Motor Company. Ford has lost ~60% of its market cap since 2022 and holds $26B in cash, about 65% of its total market cap.

Meme Dump

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