Bitcoin Surges Above 68000 Milestone Trumps Election Odds Soar Past 60 Golden Files Shake Cryptocurrency Market

CoinWorld reported:
On Friday (October 18th), after Bitcoin surged and broke through $68,000 within the day, the price of the currency slightly fell back, but the bulls still firmly held the steering wheel. With less than three weeks to go before the US presidential election in November, the winning rate of former president and Republican presidential candidate Donald Trump has sharply risen to 61.7%. A document released by World Liberty Financial (WLFI), a cryptocurrency project under his family’s flagship brand, showed that his family will receive 75% of the cryptocurrency income from the project without assuming any responsibility.
According to Arkham data, since the beginning of this year, Trump’s cryptocurrency holdings have increased by $6.1 million, and more than 65% of the cryptocurrencies he currently holds are meme coins.
According to CNBC, World Liberty Financial, led by the Trump family, released a 13-page “gold paper” on Thursday, describing its mission and how tokens are distributed. It pointed out that Trump and his family can receive 75% of the net income, which means that the Trump family will receive 22.5 billion WLFI tokens, valued at $337.5 million based on the price of 1.5 cents per token issued this week.
The document also shows that Trump and his family do not assume any responsibility. It states that they are not directors, employees, managers, or operators of WLFI or its affiliated companies, and that the project and the tokens are “unrelated to politics and have no connection to any political campaign.”
The WLFI white paper states that a Delaware company called DT Marks DEFI LLC, which is associated with Trump, will receive three-quarters of the net protocol income. The document released on Thursday defines net protocol income as “income obtained by WLFI from any source (including but not limited to platform usage fees, token sales revenue, advertising, or other sources of income), after deducting agreed-upon expenses and reserves required for WLF’s ongoing operations.”
Approximately $30 million in initial income has been designated for reserves to pay for operating expenses and other financial obligations. The remaining 25% of the net protocol income will belong to Axiom Management Group (AMG), a Puerto Rico limited liability company wholly owned by co-founders Chase Herro and Zachary Folkman.
AMG has agreed to allocate half of its net protocol income rights to a third limited liability company, WC Digital Fi, which is an affiliate of Steve Witkoff, a close friend and political donor to Trump, and “certain family members.” Zachary, Witkoff’s son, is also listed as one of the co-founders of the project.
As of Friday’s Asian market, Trump’s WLFI tokens have sold 867 million, far from the project’s ultimate goal of 20 billion.
According to data from the large cryptocurrency betting platform Polymarket, Trump’s winning rate in November has risen to 61.7%, far surpassing Vice President and Democratic presidential candidate Kamala Harris.
CryptoSlate reported that a new Polymarket trader “Theo4” has made more than $12 million in high-frequency bets on Trump winning the 2024 US presidential election in just three days. Theo4 joined the platform this month and operates using the wallet address 0x5668, quickly accumulating positions of over $7.1 million.
Most of their trades are concentrated in markets predicting Trump’s victory, including buying positions in “Will Trump Win the 2024 US Presidential Election?” at an average price of $0.58 per share. At the current price of $0.61, this position alone has generated approximately $237,158 in profit.
In addition to betting on Trump’s overall victory, Theo4 has also made significant bets in related markets, such as Trump winning the primaries and the Republican candidate winning the primaries and the presidency. The trader’s activity also includes markets for the success of the Republican Party in key states and the outcome.
Despite the high volume of trades, the trader still maintains a profit of over $346,000. The rapid accumulation of positions indicates strong confidence in the Republican Party’s performance in the upcoming elections on Polymarket, and new positions will be purchased regardless of price.
Theo4 has now surpassed PrincessCaro as the second-largest holder of Trump positions on Polymarket. With the probability of Trump’s victory rising from 50% to over 61%, the top three holders have continued to buy orders throughout October.
Bitcoin technical analysis
Cryptocurrency analyst Matthew Hyland stated that the bears will only be excited when Bitcoin falls below $58,800. The last time Bitcoin touched this level was on September 17th, briefly reaching $58,192, and then rising to $65,000 on September 27th.
He emphasized that any data below this level “is just noise if we see a pullback.”
James Check, Chief Analyst at Glassnode, reiterated to followers with long positions in Bitcoin to “stay patient” and avoid the temptation of FOMO (fear of missing out), emphasizing that price corrections “will happen.”
“High leverage means a greater possibility of volatility,” Check emphasized, also noting that Bitcoin futures open interest (OI) has reached a new all-time high.
On October 15th, Cointelegraph reported that the total number of Bitcoin futures contracts had reached 566,270, the highest level since January 2023.
According to the Crypto Fear and Greed Index, the overall market sentiment is currently in a “greedy” state.
The index represents the “emotions and sentiments” towards Bitcoin and the broader cryptocurrency market, with a “greed” score of 71, up 32 points since October 10th.
However, not everyone believes that a Bitcoin price correction is imminent. Cryptocurrency trader Wolf expects the Bitcoin price to not experience such a significant drop.
Wolf said, “Remember the possibility of a pullback to the $63,200-$64,400 range before breaking the final resistance level of this pattern.”
On Friday, the cumulative inflow of Bitcoin exchange-traded funds (ETFs) exceeded $20 billion, with continuous inflows into US products for four consecutive days.
It is worth noting that on October 16th, the daily inflow of the world’s largest asset management company BlackRock reached $393.4 million, the highest level since July 22nd ($526.7 million).