Market Update: November 2024 | Week 2

11 NOV 2024 | RESEARCH

Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.

Highlights

• Last week, following Donald Trump’s victory in the U.S. presidential race, Bitcoin surged 17% to reach a new all-time high of $80,000, with the rest of the market following suit.


• The GMCI DeFi index gained 33.5% last week, its largest percentage increase, but was outpaced by the GMCI Meme index, which rose 54%.


• The decisive victory of pro-crypto candidates across the presidency (Trump), House (268 vs. 133), and Senate (19 vs. 12) signal an unprecedented alignment of crypto-friendly leadership in Washington.

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