After Republican candidate Donald Trump won the U.S. Presidency, the price of Bitcoin saw a sharp upward move that saw it hit a new all-time high at $76,482 as market optimism over the potential introductions of a friendlier regulatory environment in the U.S.

Wall Street giant JP Morgan Chase has rebranded its blockchain platform Onyx to Kinexys as it moves to expand its services to include foreign exchange (Forex) transactions.

Prominent blockchain analytics firm Arkham Intelligence is set to launch a new perpetual futures exchange scheduled to go live next week. Perpetual futures are derivatives without an expiration date.

Top stories in the Crypto Roundup today:

• Bitcoin Climbs to New $76,400 All-Time High
• JPMorgan’s Blockchain Platform Rebrands to Kinexys, Adds Forex Transactions
• Arkham Intelligence to Launch Perpetual Futures Exchange
• Bitcoin Open Interest Hits Record High

Bitcoin Climbs to New $76,400 All-Time High

After Republican candidate Donald Trump won the U.S. Presidency, the price of Bitcoin saw a sharp upward move that saw it hit a new all-time high at $76,482 as market optimism over the potential introductions of a friendlier regulatory environment in the U.S.

The rally helped Ethereum’s ether top $2,800 after moving up more than 9% in the last 24 hours, while major altcoins, including Solana, BNB, XRP, and Cardano, saw upward moves between 2.9% and 4.6%.

The cryptocurrency market rally led to over $590 million in liquidations of leveraged derivatives trading positions, with some $390 million of leveraged short positions being liquidated.

Publicly traded cryptocurrency firms also saw their stock prices rally, with Nasdaq-listed crypto exchange Coinbase moving up 31%, while Bitcoin miners Riot Platforms, TeraWulf, and CleanSpark rose between 20% and 25%.

A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector. Nevertheless, Bitcoin has historically rallied after U.S. presidential elections, with 90-day returns of 87%, 44%, and 145% following the 2012, 2016, and 2020 elections, respectively

These elections fall on the same years Bitcoin undergoes its halving event, which sees the coinbase reward miners receive per block found get cut in half as part of its monetary policy.

JPMorgan’s Blockchain Platform Rebrands to Kinexys, Adds Forex Transactions

Wall Street giant JP Morgan Chase has rebranded its blockchain platform Onyx to Kinexys as it moves to expand its services to include foreign exchange (Forex) transactions.

The rebrand comes as usage of the platform has surged, with a 1,000% increase in payments transactions year-over-year. Kinexys, derived from the word "kinetic," which suggests the movement of money, assets, and financial information.

The platform will leverage blockchain technology to offer near real-time, 24/7 cross-border transactions, intragroup funding, and access to working capital. Additionally, Kinexys will incorporate features such as on-chain privacy, identity, and composability tools.

JPMorgan’s blockchain has processed approximately $2 billion in daily transaction volumes and amassed $1.5 trillion in underlying assets of derivatives contracts. It was launched in 2019 as JPM Coin before being named to Onyx.

Other major financial institutions, such as Goldman Sachs, BNP Paribas, and DBS Bank, have also invested in blockchain technology, developing platforms for tokenization of assets and other financial services.

Arkham Intelligence to Launch Perpetual Futures Exchange

Prominent blockchain analytics firm Arkham Intelligence is set to launch a new perpetual futures exchange that’s scheduled to go live next week. Perpetual futures are derivatives without an expiration date.

The firm is set to leverage its on-chain data and analytics to provide on-chain auditing, traceable proof-of-reserves, and support for spot and perpetual futures trading pairs, according to a promotional video.

The exchange won’t be available in certain jurisdictions, including the United States. Its launch comes a year after the firm launched its controversial Intel Exchange, which allows users to trade on-chain information that can be used to identify entities behind wallets.

Bitcoin Open Interest Hits Record High

Bitcoin instruments’ open interest on centralized exchanges reached a new all-time high of $48.3 billion in October, with leading institutional trading venue CME capturing 30.6% of the open interest.

Across all instruments on centralized exchanges, open interest rose 18.5% to $75.6 billion. Binance led in the metric, with a 27% market share, and was followed by the CME and Bybit, with 19.8% and 18.8% market share, respectively.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.