November 06, 2024 | Read Online

Bitcoin Heads to the White House as Trump Claims Victory

Plus Bitcoiners Await Trump’s First Promise to ‘Free Ross’ on Day One

The Breakdown First Five - Wednesday, November 6, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

Bitcoin Heads to the White House as Trump Claims Victory

5. Election Drives Bitcoin to ATH

In the early evening, with Trump positioned in an early lead, Bitcoin took off. Over four hours, BTC gained more than 8% to hit a new all time high of $75,000. The price has now receded, but it’s clear the market views a Trump administration as a fresh start in the US.

Hunter Horsley @HHorsley

That feeling when you own a lot of Bitcoin —

But feel like you should own more Bitcoin.

2:43 AM • Nov 6, 2024

1.51K Likes 60 Retweets

57 Replies

4. Brown Unseated

Down Ballot results could be more impactful for the crypto industry than putting a Republican in the White House. Senate Banking Chairman Sherrod Brown has been defeated by Bernie Moreno. Brown was viewed as a key blocker to crypto policy. The GOP has also secured a Senate majority, allowing them free reign to appoint key regulators. The House remains in play, but we could be looking at a red sweep that clears the way to major crypto reforms.

Jed @jedk_xyz

Wow this is HUGE. Brown was one of, if not the top, sponsor of Operation Chokepoint 2.0.

All politicians are going to take notice, if they haven't already, as crypto PAC likely made the difference in the outcome of this race. Shift of 10%+ from previous election is ridiculous,… x.com/i/web/status/1…

tw profile: Caitlin Long 🔑⚡️🟠 Caitlin Long 🔑⚡️🟠 @CaitlinLong_

BYE BYE Sherrod Brown 👋

Another anti-#crypto one bites the dust…

4:12 AM • Nov 6, 2024

602 Likes 70 Retweets

9 Replies

3. Prediction Markets Pop

One clear winner on election day was prediction markets. The saw over $4B in volume on Tuesday, rivaling spot volumes on Coinbase. Polymarket has been the breakout hit of election season, becoming the go to source for real-time reactions to the campaign. Now they are legal in the US, predictional markets look set to become a fixture in election years. The only question is whether they can draw customers in between polls.

Shayne Coplan @shayne_coplan

I just got word that the Trump campaign HQ literally found out they were winning from Polymarket.

History was made today.

Surreal

6:16 AM • Nov 6, 2024

8.09K Likes 284 Retweets

197 Replies

2. Free Ross Day One

As the votes were counted, Bitcoiners remembered a crucial Trump promise. Free Ross. Day One. Ross Ulbricht, the founder of Silk Road is currently serving a double life sentence for drug offenses. He’s served 11 years. Far too long. This will be Trump’s first big test of loyalty to the Bitcoin voter who helped send him to the Whitehouse.

Ryan Selkis (d/acc) 🇺🇸 @twobitidiot

I hope I can be there with @DavidFBailey when we set Ross Ulbricht free in February.

We gave a man the rest of his life back tonight.

That alone was worth the fight.

4:50 AM • Nov 6, 2024

175 Likes 16 Retweets

5 Replies

1. Bitcoin is Going to the White House

The election is over. Everyone exhale. Donald Trump declared victory early this morning, with the results later confirmed by all major news outlets. His speech didn’t mention the crypto industry, he did say “I will govern by a simple motto, promises made, promises kept.” Trump has made some pretty remarkable promises to Bitcoiners on the campaign trail. Let's hope he holds up his end of the bargain.