With the US elections looming, the financial markets are feeling the heat, and Bitcoin is no exception. The leading cryptocurrency has slipped below the $69,000 mark, its price driven down by an atmosphere of political tension and uncertainty. Just ahead of Election Day, Bitcoin ETFs recorded their second-largest daily outflow, signaling that many institutional investors are opting to play it safe with their “digital gold.”
The race between Trump and Harris is neck-and-neck, with swing states playing a pivotal role. Trump is making bold promises to turn the US into a crypto powerhouse, while Harris advocates for more conservative, transparent policies. Let’s break down the latest updates across both the crypto world and traditional markets.
Citi and Fidelity Dive Into Blockchain
In a significant shift, Citi and Fidelity International unveiled a blockchain-based, tokenized money market fund at the Singapore FinTech Festival, aiming to reshape how investors manage short-term funds. This fund promises fast liquidity and total transparency, a leap forward from traditional systems. Is this fund dollar-centric, or could it incorporate multiple currencies? Read the full story here.
UK Pension Fund Bets on Bitcoin
In an unprecedented move, a UK pension fund has allocated Bitcoin within its retirement portfolio, citing Bitcoin’s astronomical returns over the past decade—nearly 100,000% since 2013. Cartwright, the pension advice firm behind the decision, believes Bitcoin could offer significant value for retirees. However, this choice raises questions about the legal landscape for cryptocurrencies in the UK. Learn more about this groundbreaking move.
Profit-Sharing Stablecoin: The New USDG
Paxos has announced a new stablecoin, USDG, that flips the typical profit model by sharing revenue with users. Backed by prominent industry players like Kraken and Robinhood, USDG aims to reward users for holding the token, with cash reserves managed by DBS Bank. Could this stablecoin bring stable income to users while revolutionizing the way we view cryptocurrency? Find out more about USDG here.
Deutsche Telekom Mines Bitcoin Sustainably
Deutsche Telekom, parent company of T-Mobile, has surprised the market by venturing into Bitcoin mining—powered entirely by excess renewable energy. Partnering with Bankhaus Metzler and engineering firm RIVA, the project has been dubbed “digital monetary photosynthesis,” as it transforms otherwise wasted energy into digital currency. What does “surplus renewable energy” mean, and could this model set a new standard? Explore the full story.
French Trader’s $30 Million Bet on Trump’s Chances
In the world of crypto prediction markets, a French trader known only as Théo made headlines by placing a $30 million bet on Trump’s reelection. Using multiple accounts, Théo managed to build his position strategically. This move comes as the crypto prediction markets react to high-profile trades, with some traders cashing out significant Trump shares and altering odds in real-time. Read more on this fascinating twist.
Conclusion
As markets react to the pressures of an uncertain election, we’re witnessing a profound blending of traditional finance with blockchain. From institutional players embracing crypto to pioneering pension investments in Bitcoin, the old guard and the new are intertwining like never before.
Disclaimer:
This article is for informational purposes only and does not constitute financial or investment advice. Please consult with a qualified professional before making any financial decisions.
