# Bitcoin’s Election Bid *Author: Bankless* *Published: Nov 2, 2024* *Source: https://www.bankless.com/bitcoin-election-time* --- [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/11/Group-651-1-2-1.png)](https://www.bankless.com/sponsor/kraken-1682978636?ref=bitcoins-election-bid&email=true) Bitcoin’s Election Bid Published on Nov 2, 2024 [ View in Browser ](https://bankless.com/read/briefs) --- [**Sponsor: Kraken**](https://www.bankless.com/sponsor/kraken-1682978636?ref=bitcoins-election-bid&email=true) — Sign up for an account and start trading today. [Sign up for Kraken](https://www.bankless.com/sponsor/kraken-1682978636?ref=bitcoins-election-bid&email=true) .  .  . WEEKLY RECAP Bitcoin’s Election Bid [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/11/image---2024-11-02T104305.561.png)](https://www.bankless.com/bitcoins-election-bid) ### 1️⃣ Bitcoin Inches Toward ATHs Up 4% over the last seven days, Bitcoin came within $500 of breaking its all-time high this week, though it has since fallen back down below the $70K level. At the same time, we’ve seen enormous ETF flows, topping out at [$893M on Wednesday](https://farside.co.uk/btc/). But the past couple days have seen corrections across the board after market sentiment reached “[extreme greed](https://www.coindesk.com/markets/2024/11/01/bitcoin-price-drop-leads-to-250m-bullish-liquidations-crypto-sentiment-indicator-signals-top/)” on Thursday. With the election right around the corner, it makes sense that the market would take a break and look to derisk, especially given how tight the race remains. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/11/Xnapper-2024-11-02-10.51.51.png)](https://x.com/lBattleRhino/status/1852403543048892452?ref_src=twsrc%5Etfw) ### 2️⃣ Earnings Misses, More Layoffs Not everyone is riding Bitcoin’s recent high, with Coinbase and Robinhood both missing earnings expectations for Q3, leading HOOD and COIN to [each fall double digits](https://www.bankless.com/robinhood-and-coinbase-fall-after-earnings-misses). Coinbase missed revenue targets by 4%, despite a 55% transaction rise on Base, while Robinhood's growth also fell short, though it has achieved a 17.8% year-to-date return. These misses seemed part of a broader trend as [ConsenSys](https://www.bankless.com/consensys-lays-off-160-employees-amid-ongoing-legal-battles-2), [dYdX](https://www.bankless.com/dydx-layoffs), and [Kraken](https://www.nytimes.com/2024/10/30/technology/kraken-cryptocurrency-layoff-ceo.html) announced layoffs this week — laying off 20%, 35%, and 15% of their teams, respectively. ConsenSys cited economic pressures and mounting costs from lawsuits. dYdX claimed it was part of a strategy shift, and Kraken followed a similar line of cost-cutting measures.  [Is Coinbase or Robinhood Stock the Better Bet? on BanklessWe make the cases for COIN and HOOD.![](https://www.bankless.com/assets/img/favicon/apple-touch-icon.png)BanklessJack Inabinet Jun 12, 2024 • 5 min read![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/06/Screenshot-2024-06-12-at-4.35.13-PM--1-.png)](https://www.bankless.com/coinbase-coin-robinhood-hood) ### 3️⃣ Trump DeFi Slashes Fundraising Goal Trump’s World Liberty Financial reduced its [fundraising target by 90%](https://finance.yahoo.com/news/trumps-crypto-business-slashes-fundraise-161538902.html) (ouch) on Thursday, now aiming for $30M instead of $300M, as demand for its WLFI token remains low. Since its mid-October launch, the wallet has only received [$14.5M](https://dune.com/fergmolina/world-liberty-financial) — an incredibly lackluster sale that might be a blessing to those worried about the target it could put on crypto’s back during election season. Additionally, documents reveal that Trump’s corporate entity, DT Marks DEFI LLC, will receive 75% of revenues only if World Liberty raises enough to sustain operations.  ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXckyLHDvauinvCzSX56AWzeofoezP7FcX1IH_7JdmCZOg4v6MnMEYRyFROL_aLwUEUFYy5T_s_UielcmfdKeaHbHNEqBTz-LZ3BAPnh4h545_hL2jPdASUSa-COGaGLbwbOZkwEZ6az_Gu4gN5a9QcDsvdT?key=1NtKWzXGLMa63Fp4D7As9T3d)*[Source](https://dune.com/fergmolina/world-liberty-financial)* ### 4️⃣ Vitalik Outlines Roadmap Updates This week, Vitalik Buterin published his final two articles on the “*Possible Futures of the Ethereum Protocol,*” discussing the last two stages — the Purge and the Splurge. Previous articles, all published in the last few weeks, have detailed all six major upgrade phases:  - [**The Merge**](https://vitalik.eth.limo/general/2024/10/14/futures1.html), which shifted Ethereum to Proof-of-Stake in 2022, slashing energy use by 99%, now also plans to lower staking to 1 ETH. - [**The Surge**](https://vitalik.eth.limo/general/2024/10/17/futures2.html) aims to boost Ethereum's scalability to 100K+ transactions per second via Layer 2 and EIP-4844 upgrades and looks to improve bandwidth and cost reduction. - [**The Scourge**](https://vitalik.eth.limo/general/2024/10/20/futures3.html) focuses on decentralizing block-building by dividing tasks while using advanced tactics to reduce transaction manipulation. - [**The Verge**](https://vitalik.eth.limo/general/2024/10/23/futures4.html) will look to use stateless clients to lower node requirements, allowing basic devices to verify Ethereum. - [**The Purge**](https://vitalik.eth.limo/general/2024/10/26/futures5.html) looks to streamline the network by removing old data and archiving transaction history, reducing storage needs. - [**The Splurge**](https://vitalik.eth.limo/general/2024/10/29/futures6.html) will enhance user experience, EVM efficiency, and security with flexible accounts and stable fees, readying Ethereum for future tech like quantum computing. For a deeper analysis of the nuances behind Vitalik’s updates and discussion of the roadmap for these phases, you can read our article below. [The Ethereum Roadmap Cheat Sheet on BanklessThe Ethereum roadmap is based on 6 major upgrade sequences. Here’s everything you need to know about the basics of Ethereum’s planned evolution.![](https://www.bankless.com/assets/img/favicon/apple-touch-icon.png)BanklessDavid C Oct 30, 2024 • 5 min read![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/10/image---2024-10-30T164617.554.png)](https://www.bankless.com/major-ethereum-upgrades-cheatsheet) ### 5️⃣ MicroStrategy Plans $42B Bitcoin Raise Despite missing quarterly revenue expectations, Michael Saylor’s MicroStrategy announced its plan to raise $42B over the next three years to buy *more* Bitcoin. The [“21/21 Plan](https://www.theblock.co/post/323817/microstrategy-announces-plan-to-raise-42-billion-to-buy-more-bitcoin)” will include a $21B equity raise and $21B in fixed-income securities. MicroStrategy currently holds 252,220 BTC ($16B), which it reported a 17.8% yield on year-to-date. While MicroStrategy’s market cap remains strong at $50B, this move has already triggered plenty of conversations about top signals for MSTR, which has been heavily outperforming Bitcoin lately. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/11/Xnapper-2024-11-02-10.52.02.png)](https://x.com/saylor/status/1851718391889043954?ref_src=twsrc%5Etfw) --- --- *This article is brought to you by [MetaMask](https://www.bankless.com/sponsor/metamask-1776260643?ref=bitcoin-election-time)*