World Liberty Financial, a decentralized finance project backed by the Trump family, has sold only 4% of its public token offering after technical glitches stalled its launch.
Within 24 hours of WLFI’s launch, the Trump-supported real-world asset protocol raised around $11 million by selling under 800 million tokens to investors. WLFI had planned to generate $300 million by selling 20 billion tokens, starting Tuesday, Oct. 15, but website issues and scammers impersonating WLFI initially marred the project’s launch.
Still, Etherscan data confirmed that thousands of investors flocked to the Trump-endorsed DeFi initiative. Despite a staggered start, 3,000 unique addresses scooped nearly 350 million WLFI coins in the first hour.
WLFI had around 9,300 token holders by the time of publishing, although the project had previously boasted 100,000 whitelisted investors pre-launch. Many may consider the debut lackluster, with the number of users regarded as unimpressive.
This year alone, multiple meme coins on blockchains like Solana (SOL) have raced to hundreds of millions in market cap within hours of launch.
The reasons for World Liberty Financial’s muted start are unclear, but clues may lie in WLFI’s token dynamics. WLFI coins are non-transferable, leaving little room for price discovery and on-chain speculation.
Instead, the governance token allows holders to lend, provide liquidity, and execute borrows, among other DeFi-related actions. World Liberty Financial joined Trump’s pro-crypto campaign trail after the former U.S. President seemingly embraced the industry he had previously criticized.
Less than a month before the election, the Republican candidate has shared plans to position the U.S. as the global crypto capital, create a national strategic Bitcoin (BTC) reserve, and support blockchain innovation.
While doubts persist, some view Trump’s possible victory as positive for cryptocurrencies. This outlook is reflected on social media and prediction markets like Polymarket.
As crypto.news reported, Trump gained his largest lead over Democratic pick Kamala Harris on Polymarket. The latest data from the Polygon-based betting platform showed that Trump’s odds of winning had extended further, with Trump at 59.5% versus Harris at 40.5%.
itcoin rallied to just shy of $68,000 on Oct. 15 as spot BTC exchange-traded funds attracted the most single-day capital inflows in over four months.
Bitcoin (BTC) notched a two-month high with its leap above $67,000, marking its highest price point since late July. Data from crypto.news price pages confirmed that BTC surged to $67,800 before retracing below $66,000 at press time.
The sudden price hike pushed crypto liquidations beyond $300 million in the last 24 hours. According to Coinglass, most of these positions were short-BTC or traders expecting much lower market prices. More than $145 million in short liquidations earlier suggested a market spike was inbound.
A recent U.S. stock market uptick may have contributed to a stronger investor appetite for BTC, which many perceive as a risk asset. Higher share prices coupled with reduced Federal Reserve funding rates often result in more market liquidity.
The bullish move also translated into better spot Bitcoin ETF demand. Spot BTC ETFs in the United States experienced the largest capital inflow in four months, pulling in $555.8 million for the first time since June 4.
Despite a rocky start to October, Bitcoin performs well seasonally during the year’s fourth and final quarter. The $1.2 trillion asset has returned over 22% on average in the last three months in eight different years.
Bitcoin also experienced a price boost in two previous pre-election cycles, once in 2016 and again in 2020. BTC doubled and tripled, respectively, usually starting its ascent weeks before the U.S. presidential election and setting a new all-time high in early Q1 the following year.
Experts from QCP Capital surmised that the same might happen again, especially with a verbally pro-BTC candidate seemingly leading the race.
Former President Donald Trump gained his widest lead over electoral rival Kamala Harris on Polymarket’s on-chain prediction platform. The gap stretched to over 13.5%, while similar data showed a 10% difference on competitors like Kalshi.
Bitcoin’s leap toward $65,000 after a lackluster start to October could catalyze gains historically experienced during this month, according to QCP Capital.
Analysts from the crypto trading firm said in its Telegram channel Bitcoin’s (BTC) 4% price jump on Oct. 14 might signal a rally for the leading cryptocurrency during the second half of the month. A total crypto market uptick liquidated nearly $80 million in BTC and Ethereum (ETH) leveraged short positions, easing the bearish overhang on these two market leaders and the broader digital asset space.
QCP experts also noted that BTC’s pump arrived three weeks before the November U.S. presidential elections. Trading data showed that BTC recorded similar price patterns on two previous occasions. Bitcoin doubled in value by January 2017, after starting its price ascent in October, just before the 2016 elections. Like this year, BTC had been range-bound for months ahead of regime change in America.
In 2020, less than a month before the presidential election, Bitcoin surged from around $11,000 to over $42,000 by Q1 2021, nearly tripling in value.
If history repeats itself, and Bitcoin’s bull market resurges following U.S. elections, BTC’s value could reach or exceed $120,000 by early 2025. A base case where BTC doubles in price would also push the token’s market cap well above $2 trillion, marking a significant milestone for the flagship cryptocurrency.
QCP Capital analysts added that Mt. Gox’s updated repayment plan might bolster BTC’s bullish outlook. Last week, the defunct BTC exchange postponed its creditor reimbursement deadline to October 2025. According to crypto.news, BTC buying activity has also stalled sell pressure across several digital asset exchanges.
Uptober has been rather disappointing so far with BTC up just +1.2% vs an average of +21%. After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading.
Global crypto investment products recorded $407 million in inflows, largely influenced by the upcoming U.S. elections rather than monetary policy, analysts at CoinShares say.
Asset managers such as BlackRock, Fidelity, and Grayscale, among others, experienced a robust inflow of $407 million, signaling a shift in investor focus from traditional monetary policy considerations to the upcoming U.S. elections, CoinShares head of research James Butterfill noted in a blog report on Monday, Oct. 14.
The data reflects growing optimism surrounding political developments, particularly as the recent vice presidential debate and a polling shift favoring Republicans — often viewed as more supportive of crypto — sparked renewed interest.
“This trend is evident in the fact that stronger-than-expected economic data had little impact on stemming outflows […].”
James Butterfill
As anticipated, Bitcoin (BTC) garnered the most inflows at $419 million, positioning it as the primary beneficiary of these political shifts, while Ethereum (ETH) “resumed its trend of outflows” with a total of $9.8 million last week, Butterfill says.
Short-Bitcoin investment products also faced outflows totaling $6.3 million, highlighting a clear divergence in investor sentiment.
Despite stronger-than-expected economic data, which typically influences market behavior, this time it had little effect on stemming outflows from other asset classes. The concentration of inflows in crypto seem to demonstrate a changing narrative where investors prioritize political events over economic indicators.
The U.S. accounted for a substantial $406 million of the inflows, with Canada contributing a modest $4.8 million. Multi-asset investment products continued their upward trajectory with a 17th consecutive week of inflows, albeit at a minor $1.5 million.
Butterfill noted that blockchain equity exchange-traded funds saw “one of the largest weekly inflows this year,” allocating $34 million, likely fueled “in response to recent Bitcoin price rises.”
Despite the partisan divide in crypto, many investors believe Bitcoin will reach six figures regardless of the U.S. presidential election outcome.
Bitcoin (BTC) is poised to reach six figures over the long term, no matter who wins the U.S. presidential election, according to Steven Lubka, head of private clients and family offices at Swan Bitcoin.
Amid growing political polarization in the cryptocurrency industry, many investors now believe Bitcoin will continue to thrive, even as optimism from former President Donald Trump‘s pro-crypto statements fades. In an interview with CNBC, Lubka said he still “certainly” believes that Bitcoin will surpass the $100,000 mark by 2025.
“Do I think we will be in the six figures regardless of who wins? Almost certainly.”
Steven Lubka, head of private clients and family offices at Swan Bitcoin
Concerns that a Kamala Harris presidency could drive the price of Bitcoin lower are likely overstated, per James Davies, co-founder of Crypto Valley Exchange.
He noted that while crypto startups may face challenges under such a scenario, the broader industry will still thrive. Davies also stressed that Bitcoin is a global commodity, with its price driven more by macroeconomic forces than domestic political events, adding that crypto “needs to lobby both sides, align with both sides and succeed regardless of the election.”
Following the Sept. 10 debate between Donald Trump and Kamala Harris, their odds are now tied on the prediction platform Polymarket, with both candidates holding 49% winning odds. As crypto.news reported, Trump had previously seen his chances rise to 72% in July after attending the Bitcoin 2024 conference in Nashville, which sparked optimism among pro-crypto voters.
The debate triggered bearish momentum in the crypto market, with the global crypto market cap dropping nearly 2%. Despite the election speculation, analysts agree that Bitcoin’s price will be more influenced by macroeconomic trends than political events.
As Democrats and Republicans argue over DeFi, what message does Trump’s silence send to the crypto community? Is it a sign of disinterest or strategic neutrality?
Table of Contents
DeFi gets the spotlight
On Sep. 10, the first-ever Congressional hearing on decentralized finance took place, marking an important moment in the evolution of this technology.
Titled “Decoding DeFi: Breaking Down the Future of Decentralized Finance,” the hearing was led by Congressman French Hill and lasted nearly two-and-a-half hours.
U.S. lawmakers gathered to discuss both the potential benefits and risks that DeFi could introduce to the financial system.
The hearing exposed a clear divide among lawmakers. Republicans, led by Hill, were optimistic about DeFi’s ability to remove intermediaries and transform financial markets.
As Hill stated, “by substituting intermediaries for autonomous, self-executing code, decentralized finance can shift the way financial markets and transactions are currently structured and governed.”
Meanwhile, Democratic lawmakers raised concerns, focusing on DeFi’s potential misuse, particularly its role in enabling criminal activity. While Republicans called for lighter regulations, Democrats advocated for stricter oversight, citing the risks of illicit use.
What does this hearing mean for the future of DeFi and the broader crypto market, especially with the U.S. presidential elections approaching?
A clash of perspectives on DeFi
The hearing itself turned into a battlefield of opinions, with sharp contrasts in how lawmakers viewed DeFi. The subcommittee chair, Hill, kicked off the discussion by focusing on the opportunities DeFi and tokenization could offer to finance.
However, not everyone saw it that way. Congressman Brad Sherman, a Democrat from California, took a more critical approach. He expressed concerns that DeFi might be nothing more than a tool for tax evasion, especially for the ultra-wealthy.
What we have here is an effort to liberate billionaires from income taxation… Every time a billionaire successfully cheats on his taxes, a member of the Freedom Caucus earns his wings.
In response to Sherman’s concerns, Peter Van Valkenburgh, director of research at Coin Center, provided a counter-argument. He acknowledged that tax evasion is a crime but pointed out that DeFi’s transparent, decentralized ledger makes it difficult for bad actors to hide their activities.
Tax evasion is a crime. It should be aggressively policed. I do not, however, think that tax evasion and its existence warrants a 100% surveilled and controlled financial system.
Van Valkenburgh also pointed out the confusion surrounding tax guidance from the IRS. He argued that many crypto users want to comply with tax laws but lack clear instructions on how to do so.
A difficult area in the cryptocurrency space has been getting clear tax guidance from the IRS on how Americans can pay their taxes when they earn capital gains, or perhaps their wages, on these networks
He added that criminals are more likely to use traditional financial systems to hide illicit funds rather than transparent blockchain networks.
On the other side, Mark Hays, Senior policy analyst at Americans for Financial Reform, painted DeFi in a less favorable light. He described the space as volatile and rife with scams, where investors often face devastating losses.
Hays stressed that DeFi should not get a free pass and that existing securities laws should apply to decentralized systems to protect investors.
Meanwhile, Amanda Tuminelli, the chief legal officer at DeFi Education Fund, took a different approach. She highlighted DeFi’s potential to democratize finance. According to Tuminelli, traditional financial systems rely on intermediaries, often acting as gatekeepers.
“Big banks can and do deny access to the system for discriminatory reasons or no reasons,” she stated, contrasting this with DeFi’s open-access nature. She suggested that anyone with an internet connection can use DeFi, calling it “the epitome of financial inclusion.”
Tuminelli argued that treating DeFi as traditional finance is not the right approach, as the underlying structures are fundamentally different. She suggested that regulations should take into account the self-custodial nature and transaction anonymity of decentralized systems.
Crypto left out of the presidential debate spotlight
Vice President Kamala Harris and former President Donald Trump faced off on Sep. 10 in the second presidential debate of the 2024 election. Despite Trump’s well-known pro-crypto stance, the debate avoided any mention of crypto entirely.
Instead, the focus was on traditional economic issues, with no reference to crypto, blockchain, or broader financial technology topics.
Harris’ strong performance during the debate appeared to unsettle Trump, particularly as he struggled to defend his position on contentious issues like abortion.
All of this seemed to affect the crypto market, as Bitcoin (BTC) dropped from around $58,000 to $56,000 after the debate. As of Sep. 11, it has slightly recovered, hovering around $56,800.
Ethereum (ETH), the second-largest crypto by market cap, also experienced a minor dip of about 0.5%, trading at around $2,340 during the same period.
In a surprise for Trump, who has long positioned himself as a champion of deregulated financial markets, his odds of winning, according to online betting platform Polymarket, fell from 52% before the debate to 50% as of this writing.
Meanwhile, a CNN flash poll reflected Harris’ dominance, with 63% of viewers stating she outperformed Trump. However, most respondents noted that the debate wouldn’t influence their vote in November.
As the campaign continues and the demand for a third debate grows, it remains to be seen whether crypto will finally take center stage.
What to expect next?
Throughout the Biden administration, Democrats have consistently been skeptical of crypto, highlighting the risks and pushing for stronger regulations. Amid this, Vice President Kamala Harris has remained silent on the issue, making her stance unclear.
Meanwhile, Trump, who once strongly opposed crypto, has shifted his tone in an effort to attract pro-crypto voters. In recent months, Trump has shown more openness toward blockchain and crypto on several instances.
However, like Harris, he has remained silent when it matters most, such as during the Trump vs. Musk Twitter space conversation in August and again during the second presidential debate, where crypto was notably absent.
The future of crypto and DeFi in the U.S. remains uncertain. With the upcoming election, how the next administration handles this growing sector could have a lasting impact on both innovation and regulation in the financial space.
A recent Fairleigh Dickinson University poll found that former President Donald Trump’s outreach to crypto owners is paying off this 2024 U.S. Presidential election season.
It appears Trump’s embrace of cryptocurrency is paying off. The FDU poll revealed that Trump holds a significant lead among voters who own crypto or related assets, outpacing Vice President Kamala Harris by 12 percentage points in the 2024 U.S. Presidential race.
The poll shows that 50% of likely voters who own crypto backed Trump, compared to 38% who support Harris. Conversely, among non-crypto owners, Harris leads by 12 points, garnering 53% support to Trump’s 41%.
The FDU Poll also revealed that 15% of all registered voters in the U.S. have owned crypto, NFTs, or similar digital products. This group is disproportionately composed of men, younger voters, and members of racial minority groups.
Interestingly, while Republicans are slightly more likely to own crypto than Democrats, the difference does not fully account for the 24-point swing in presidential support between crypto owners and non-owners, according to the poll.
Crypto in the driver’s seat this election season
During this election season, both parties have catered to the crypto crowd, aiming to appeal to the crypto community and its financial contributions. The support among crypto owners indicates the increasing influence of digital assets in American politics.
“Trump has been reaching out to the crypto community, and it seems to have paid off. It might be easy to dismiss them as insignificant, but I don’t think people realize exactly how widespread crypto ownership is.”
Executive Director of the poll Professor Dan Cassino.
Trump has not shied away from expressing a pro-crypto sentiment during his most recent campaign trail. Trump’s stance on crypto is in stark contrast to his earlier criticism, in which he famously labeled cryptocurrencies a “scam” in a 2021 interview.
However, during this election cycle, Trump said he would embrace crypto in his next presidential term. “Crypto is moving out of the U.S. because of hostility toward it. I don’t want that. If we are going to embrace it, we will have to let them be here,” he said in a recent rally.
Trump’s strategy to court the cryptocurrency community has been evident in recent months. In July, he delivered a keynote address at Bitcoin2024 in Nashville, where he expressed strong support for the Bitcoin (BTC) mining industry despite concerns about its environmental impact.
On Aug. 29, Trump announced plans to make the U.S. the “crypto capital of the planet” if re-elected, hinting at an initiative led by his sons called World Liberty Financial. While details are limited, the project reportedly focuses on real-world asset tokenization.
On May 21, The Trump campaign introduced a fundraising page that accepts donations in any cryptocurrency available on the Coinbase platform.
On the other side of the aisle, Democrats, led by Harris’s campaign team, launched the Crypto4Harris initiative in early August to engage with the crypto community and counter Republican efforts to attract crypto voters. The campaign aims to develop a pro-crypto policy framework to repair Harris’s relationship with the crypto industry.
As the 2024 Presidential election approaches, Trump’s crypto support may be crucial in swaying undecided voters, particularly among demographics that have traditionally leaned toward the Democratic Party.
Republican presidential candidate Donald Trump announced his fourth NFT collection with bonus trading cards via Bitcoin Ordinals.
Titled “Series 4: The America First Collection,” former President Trump revealed that his digital trading card collection, released as non-fungible tokens, will offer additional benefits to big spenders.
The NFTs are priced at $99 each, but buyers who spend up to $24,750 on the cards can receive perks such as Trump cocktails, sneakers, a dinner with Trump in Florida, and a piece of his suit from the CNN debate against U.S. President Joe Biden.
Donald Trump first ventured into NFTs in December 2022. Since then, his digital collections have earned him north of $1 million in cryptocurrencies like Ethereum (ETH). Despite his earlier skepticism about the web3 economy, Trump’s NFT collections indicate a shift in his approach to digital assets.
In May, the Republican candidate launched his third NFT series and declared himself the “crypto presidential candidate.” Trump reiterated his stance during a speech at the Nashville Bitcoin (BTC) 2024 conference.
In front of approximately 20,000 attendees, the former president emphasized his pro-crypto and pro-Bitcoin positions, pledging to keep America’s BTC holdings and convert them into a national strategic reserve.
Trump amplified this further by recruiting Bitcoin holder J.D. Vance as his running mate, and onboarding former independent aspirant Robert F. Kennedy Jr to his campaign.
Former President Donald Trump has seemingly put his weight behind his family’s crypto project, the Defiant Ones.
In an Aug. 22 post on Truth Social, Trump endorsed the decentralized finance project, saying; “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.”
It’s worth noting that Trump met with leaders of the largest financial firms in the U.S., promising tax cuts and deregulation in exchange for their support ahead of the 2024 presidential election. Among the names he spoke with this summer include JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan.
This marks the first time Trump has publicly endorsed the still-inactive crypto project on his personal account.
Up until now, his sons — Eric Trump and Donald Trump Jr. — have been promoting the mysterious project over the last few weeks.
In a past interview with The New York Post, Eric described the project as “digital real estate,” highlighting its potential to shake up the financial sector by providing equitable and instant access to collateral.
It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shakeup that is for the world of banking and finance.
Eric Trump, speaking about the Defiant Ones
Most of the Trump brothers’ posts have broadly hinted at the project’s goal of building “the future of finance,” but have provided no specifics on its functionality.
This has left followers curious about whether it would involve a decentralized autonomous organization, a new cryptocurrency, trading market, or something else entirely.
To cut down on the speculation, Trump Jr. recently directed people to a Telegram channel called the Defiant Ones, stating it would be the official source of information about the mysterious project.
A lot of rumors are swirling about our crypto project. To get the real story and stay updated with official announcements, join our official Telegram channel. Don’t rely on speculation—get the news directly here!https://t.co/wVPMEJTpKy
The channel currently has almost 40,000 members, and recently gave away premium Telegram subscriptions to 10 of them.
The project seems like the culmination of Trump’s newfound support for crypto. While he referred to the industry as a “scam” in the past, he has since reinvented himself as a pro-crypto stalwart, earning support from the industry in the process.
In July, the former president headlined the Bitcoin 2024 conference in Nashville, Tennessee, where he outlined a series of crypto-friendly proposals, including setting up a national Bitcoin (BTC) reserve if elected.
After The Defiant Ones was unveiled, numerous critics on X.com almost immediately called it another “grift.”
At least six of Trump’s companies have gone bankrupt. The now-defunct Trump University, launched in 2005, was shut down for fraud. Trump has since resorted to selling sneakers, bibles, and non-fungible tokens, or NFTs.
