Key Points:
Trump's 2024 victory and its potential impact on cryptocurrencies
Coinbase misses third quarter profit expectations, announces $1 billion buyback
21Shares files for spot XRP ETF as interest from asset managers grows
Donald Trump received 277 votes, more than the 270 needed to win, while Kamala Harris trailed with 224 votes, making Donald Trump the new president of the United States. Trump's victory triggered reactions from global leaders and energized the cryptocurrency industry. Trump, known for his pro-crypto stance, promised to end what he called the "cryptocurrency war" aimed at positioning the United States as a leader in Bitcoin mining and establishing a strategic reserve of Bitcoin. The market reacted strongly, with Bitcoin hitting a new all-time high of $75,000. Crypto influencers and leaders expressed their support, believing that Trump's victory was a hopeful turn for the industry.
Coinbase reported third-quarter earnings that missed Wall Street expectations, sending its shares down nearly 7% in after-hours trading. Revenue was $1.2 billion, below expectations of $1.26 billion, and earnings per share came in at $0.28, below expectations of $0.45. Despite lower trading fees and a 27% drop in trading volume, Coinbase announced a $1 billion share buyback program, citing a strengthened balance sheet with $8.2 billion in cash and cash equivalents. As the company faces regulatory uncertainty, it is expanding services beyond trading, including custody products and tokenized asset projects, in an effort to diversify its revenue streams.
21Shares has filed Form S-1 with the U.S. Securities and Exchange Commission to launch a spot XRP exchange-traded fund (ETF) on the Cboe BZX exchange, becoming the third company to apply after Canary Capital and Bitwise. Unlike direct XRP exposure, the ETF will provide indirect market access, and if approved, Coinbase Custody Trust will serve as custodian. The SEC recently approved spot Bitcoin and Ethereum ETFs, but has not yet ruled on the spot XRP application because Ripple Labs' lawsuit is still on appeal. Other companies, including VanEck, are also applying for ETFs pegged to various crypto assets, indicating that interest in crypto ETFs continues to expand despite regulatory uncertainty.
news
Crypto community celebrates Trump 's election victory
Coinbase shares plunge as third-quarter profits fall sharply amid “weak market conditions”
U.S. Treasury says stablecoin growth is increasing demand for Treasury bills
Florida Treasurer Says State Holds $800 Million in Cryptocurrency Investments
product
21Shares Files Form S-1 for Spot XRP ETF with SEC
UBS launches tokenized fund, putting ETH at the “core” of TradFi
GRASS airdrop goes live, but Phantom wallet issues prevent users from claiming
Crypto projects to unlock $2.6 billion in tokens in November
Regulation
Huawei integrates digital RMB into HarmonyOS NEXT, accommodating up to 1 billion users
US Treasury advisory panel says tokenization could be large, but may require central control
Bitcoin mining ban could have 'unintended consequences' for the environment
SEC approves NYSE Arca's proposal to convert Grayscale Digital Large Cap Fund into an ETF
funds
Cryptocurrency Industry Spends More Than Any Other to Influence California Congressional Races
Gelato secures $11 million in funding, adds Kraken’s Ink to aggregation platform
Ethereum scaling infrastructure startup Spire Labs raises $7 million in seed funding
Axal secures $2.5M in pre-seed funding to build verifiable agent network
