What will happen to the crypto market after the US election? Buterin donates $1 million to Ukraine. A British businessman has claimed to be the creator of Bitcoin. Tether is preparing a stablecoin with a peg to the dirham
What will happen to Bitcoin after the US election and when to wait for the altcoin season?
The head of Ripple Labs, Brad Garlinghouse, believes that the attitude of the authorities toward the crypto industry will be better than now, regardless of the outcome of the US elections scheduled for November 5. According to him, the new president will appoint new heads for the SEC, the Ministry of Finance, and other regulators, which is a major advantage, because the authorities are now hostile to the industry.
Historically, Bitcoin has seen growth in the fourth quarter of the year, averaging a 40% increase. Moreover, the election may create a positive backdrop for the crypto market as the first cryptocurrency usually continues to rise in price for six months after the event.
On October 29, the price of Bitcoin momentarily reached the $73.4 thousand mark, after which it began to fall again. The first cryptocurrency lacked 1% to update the record of March 2024, when the rate was $73.7 thousand. As of November 4, the value of the coin is $69 thousand. Experts attribute the volatility of BTC to the uncertainty in the run-up to the election, which prompts many investors to liquidate positions.
According to analysts at Hashkey Capital, the altcoinseason will begin after Bitcoin’s dominance reaches the level of 62%-70%, and its price – $76,000-$108,000.
In the current environment, the following altcoins have the greatest growth potential:
- Solana: on the back of the popularity of meme coins based on its blockchain and thanks to partnerships with representatives of traditional finance;
- Chainlink: because of its strengthening position as an oracle provider for the expanding real-world asset (RWA) segment;
- DeFi projects: may receive an influx of liquidity on the back of the expected rate cut by the US Federal Reserve.
Crypto analyst Willu Wu does not advise expecting new records from the upcoming altcoin season. According to him, the trend will get weaker every year and never surpass the result of 2017, when Ethereum and other coins showed greater growth in capitalization than Bitcoin.
Vitalik Buterin sent $1 million to charity in Ukraine
Ethereum co-founder Vitalik Buterin transferred 400 ETH (about $1 million) to the accounts of four charitable foundations that help Ukrainians. The transactions were made on the night of October 29.
According to Etherscan, United Humanitarian Front, Crystal Hearts, Kryla Spravedlyvosti, and Polymath-Kids received financial assistance. The latter is a non-profit organization of the Buterin family, which helps Ukrainian children affected by the war.
The donation was fulfilled after the sale of DOG and MOODENG meme tokens.
Crypto whales are betting: Which tokens do big investors choose in November?
In the fourth quarter, large investors in the crypto market, known as crypto whales, are actively building portfolios with a focus on returns. According to expert research, crypto whales focused on three altcoins in November:
- Maker (MKR): large investors began actively buying the token in late October, which could push its value above $1,284.
- Ripple (XRP): whales bought about 2 billion XRP, which may help the token recover from the fall.
- Pepe (PEPE): after a decline in interest in October, whales are investing in this meme token again, indicating their confidence in its potential.
Such actions by large holders can positively affect token rates, provoking their growth.
Tether announced a dirham-backed stablecoin
Tether announced the imminent release of a new “stablecoin” whose price will be pegged to the dirham (AED), the national currency of the Arab Emirates. The developers chose The Open Network as the blockchain. The company’s representative Alessandro Giori told about it, speaking at the TON Gateway conference in Dubai on November 1.
It is assumed that the new token will contribute to the resilience of the price of the UAE national currency. Its launch was made possible by recent changes in Emirates legislation that approved the licensing of crypto assets.
It is also reported that in October, local company AED Stablecoin received preliminary approval from the UAE central bank to develop the AE Coin token, which will also be backed by dirhams.
Wrong Satoshi again: British businessman claims to be Bitcoin’s creator
British businessman Stephen Molla said at a PR London Live press conference on October 31 that he is the creator of Bitcoin — Satoshi Nakamoto. However, this claim has raised doubts among journalists.
For an admission of $540, attendees of the event saw several controversial screenshots, and when asked to provide cryptographic evidence, Molla promised to do so “in the coming months.” The conference was soon derailed altogether due to technical problems with the businessman’s laptop.
This is not the first attempt to “reveal” Satoshi’s identity. Earlier, Australian Craig Wright also claimed to be the creator of Bitcoin, but in 2024, a British court froze his assets after accusations of document forgery. Canadian cryptographer Peter Todd was also named Satoshi in an HBO documentary but denied his involvement and soon disappeared from the limelight, fearing for his safety.
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