08 November 2024Macro/TradFiDonald J Trump has been elected the 47th President of the U.S.The State of Michigan Retirement System has reported over US$11M of exposure to Ethereum ETFs.The Federal Reserve has cut interest rates by 0.25%, bringing the federal funds rate to between 4.5% and 4.75%.The Bank of England has cut its benchmark rate by 0.25%, from 5% to 4.75%, in line with market expectations.The Monetary Authority of Singapore (MAS) has announced plans to support the commercialization of tokenization and plans to launch a wholesale CBDC testnet for financial institutions.An unnamed UK pension fund has reportedly invested 3% of its total assets into Bitcoin.JPMorgan has rebranded its Onyx unit, which focuses on tokenization and blockchain, to Kinexys. The bank plans to introduce on-chain foreign exchange capabilities as early as the first quarter of 2025.CryptoL1/L2:Bitcoin reached a new all-time high of over $76,000, exceeding its previous record of approximately $73,800.Bitcoin mining difficulty surged by 6.2%, reaching an all-time high of over 100 trillion this week.The Ethereum Foundation has introduced the Mekong Testnet for the upcoming Pectra upgrade.Eclipse has launched its public mainnet blockchain on Thursday, introducing a unique Ethereum layer-2 network that uses the Solana Virtual Machine.Solana recorded its highest-ever monthly number of active addresses, over 123 million, in October.DeFi:Decentralized derivatives startup SynFutures has unveiled its Perp Launchpad, a platform specifically designed for launching perpetual futures markets.DeFi tokens such as Aave and Uniswap experienced significant gains following Donald Trump's victory in the U.S. election.Pump.fun has achieved a new monthly all-time high in revenue, generating $30.5 million amidst the AI and memecoin frenzy. Crypto market maker Wintermute has submitted a new governance proposal aimed at enabling the fee switch for Ethena (ENA) holders.Others:Mt. Gox has transferred $2 billion worth of Bitcoin, fueling speculation about potential additional repayments.Chinese tech giant Huawei has integrated the digital yuan CBDC into its latest operating system, HarmonyOS NEXT, making it accessible to up to 1 billion users.Crypto.com plans to broaden its offerings by introducing a stablecoin and an exchange-traded fund (ETF) product in 2025.The French gambling regulator Autorité Nationale des Jeux (ANJ) announced that it is examining the operations of Polymarket.Latest Binance Research Publications Check out our latest publications:Monthly Market Insights - November 2024Understanding the Rise of MemecoinsSpot ETFs in Crypto MarketsExplore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. 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