Blockworks

Forward Guidance newsletter: The November FOMC meeting begins today, and committee members are overwhelmingly expected to deliver a 25 basis point interest rate cut. This morning’s election results came too late to impact this month’s decision, analysts say. https://lnkd.in/eaamJx-N

Bitcoin topped $75,500, a new all-time high just hours after it carved out its last record. Crypto stocks also took off following the outcome of the US presidential election on Wednesday. https://lnkd.in/eKbcwrEr

0xResearch newsletter: Crypto’s breakout star application Polymarket processed $240M in trading volumes on Election Day without a hitch. The underlying blockchain chugged along more or less smoothly as well, processing 2,921,668 transactions yesterday, Blockworks Research data shows. https://lnkd.in/e2SztqmP

Republican Bernie Moreno beat anti-crypto Democrat Sherrod Brown in Ohio's senate race. But pro-crypto candidate John Deaton wasn’t able to upset Senator Elizabeth Warren in their Massachusetts race. https://lnkd.in/em5TRgQh

Empire newsletter: Those who bet that a Trump victory would fuel a new all-time high for bitcoin were right. Bitcoin markets soared just after 10 pm ET on election night, briefly surpassing $75,000. https://lnkd.in/eZn3PNBc

This is your last chance to sign up for the next Blockworks Roundtable: Evolution of Stablecoins in Global Finance. On Thursday, Nov. 7 at 11 am ET, hear from leading issuers, DeFi protocols, and financial institutions on the future of stablecoins. Register today: https://lnkd.in/gaj4CJDT

Republican challenger Bernie Moreno defeated sitting US Senator Sherrod Brown Tuesday (Politico). Moreno was leading Brown 50.6% to 46% as of 11:30 pm ET, when 91% of votes had been reported.  Brown, the current chair of the Senate Banking Committee, has largely been seen by the crypto industry as an adversary. https://lnkd.in/eZzUkwGA

Sitting US Senator Elizabeth Warren defeated Republican nominee and crypto-friendly lawyer John Deaton Tuesday night (AP). Warren had 81.6% of the vote as of 8:11 pm ET. https://lnkd.in/eKJVtZEY

Yesterday, a 13F filing detailed the State of Michigan Retirement System’s exposure to crypto. It joins Wisconsin’s investment board, which revealed BTC ETF holdings amounting to roughly $100 million. But BlackRock’s Samara Cohen said there remains “a fair amount of plumbing” needed to unlock the ability for pensions and endowments to gain BTC exposure. Read more from the Forward Guidance newsletter: https://lnkd.in/eepVSPvw

BTC stood at roughly $70,170 just after 2 pm ET — up 3.5% from 24 hours prior. “The demand for safe-haven assets amidst rising US debt and deficits could drive bitcoin’s appeal as election outcomes unfold,” Bitfinex analysts wrote. CoinFund President Chris Perkins said crypto voters have already shaped party platforms and will influence a number of election outcomes. https://lnkd.in/eDcdNrmf