The $3.6 billion contract closed Wednesday morning as the Associated Press, Fox and NBC declared the election for Republican candidate Donald Trump.

Solana joins Uniswap as a top performer, gaining 12.7% as U.S. Presidential election results come in.

The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 6, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Stablecoin and crypto-market structure bills may now see faster progress, the report said.

MicroStrategy and Coinbase both added 12%, with bitcoin miners also gaining more than 10% in pre-market trading.

One of the biggest trends of 2023 among the leading layer-2 projects on Ethereum was the emergence of “blockchain in a box,” where the teams encouraged developers to clone their code to spin up new layer 2s. Now, it appears, one project in particular, Optimism, appears to be pulling away as the clear leader.

Bitcoin dominance approached 61% with Solana dominance also primed to touch record high.

“There is going to be a media frenzy about Elon and how his aggressively backing Trump and the 'Department of Government Efficiency' narrative could have been a deciding factor for a Trump win,” one trader said.

Buoyed by donations and votes from a digital asset industry he aggressively courted, Trump won a second term to the White House in his third bid for the U.S.'s highest office.

An incoming crypto-friendly Trump administration could make allowing crypto ETFs in the U.S. easier, traders say, boosting SOL’s prices.

Having $169 million to spend on U.S. congressional elections can produce fast results in Washington, as the crypto sector's campaign-finance blitz this year helped rid it of a powerful Democratic senator who stood in the way of legislation and also populated Congress with a large number of new friends.

Tuesday night was a shocker if you only watched CNN. But not if you'd looked at the betting all along.

Trump has vowed to impose sweeping tariffs on Mexico and other trading partners.

Part of BTC’s spike could be attributed to a $94 million liquidation of bearish or hedged bets against the asset, Coinglass data shows, as Trump leads in early voting.

The worst case scenario for risk assets including cryptocurrencies would be a delayed or contested election where the result is unknown for weeks, one observer noted.

Solana has a reputation as a memecoin hub, but financial institutions are looking to build on the network.

Up-to-the minute coverage on the presidential and congressional races and how they stand to shape crypto legislation and regulation from CoinDesk.

Just this week, in the run-up to Election Day, some big finance projects were announced — suggesting no worries about the road ahead.

Altcoins have lagged throughout the year amid regulatory uncertainty, and hence, K33 Research analysts said they are "more sensitive" to the election results.

The pilot was run as part of the Monetary Authority of Singapore's Project Guardian.

It is Election Day in the U.S. At some point in the coming hours, days and weeks, we'll know which major party wins control of the House of Representatives, the Senate and the White House. Presidential candidates Kamala Harris and Donald Trump might get most of the headlines, but which political party controls Congress probably means a lot in terms of how cryptocurrencies will be treated in the nation, especially in the short term.

After a good deal of volatility over the past few days, betting markets like Polymarket

While the U.S. election has directed investor focus to bitcoin and Polymarket, the murky memecoin market is also beginning to heat up. Thousands of election-themed tokens have been created over the past 24 hours.

The company needs financing conditions to remain agreeable, and there needs to be continued investor demand for the firm's convertible debt, the report said.

Early polling indicates MKR holders want to keep the SKY brand, though participation in the poll is still low.