As the U.S. election approaches, PoliFi tokens are seeing strong gains. Meanwhile, Decentralized Science (DeSci) protocol BIO is looking to raise $13 million through a public token sale.
Quiet Markets as Asia Takes a Break
Bitcoin (BTC) and Ethereum (ETH) remained flat during early trading hours in East Asia. The markets were quiet due to public holidays in China, Hong Kong, and Korea. China and Hong Kong are observing Golden Week, while Korea is celebrating a new holiday, Armed Forces Day.
BTC is holding above $63,700, down 1%, while ETH is trading above $2,600.
Federal Reserve Eases Rate Cut Expectations
Markets are also responding to remarks from Federal Reserve Chair Jerome Powell, who downplayed expectations of a major rate cut. Powell emphasized that the economy’s evolution will guide future decisions, stating, “Policy will move toward a more neutral stance over time.” However, he stressed that the Fed is not rushing to cut rates.
Bettors Predict a Rate Cut in November
On prediction market Polymarket, bettors are betting on a 25 basis point rate cut in November, with the odds rising from 42% to 63% over the past week.
Bitcoin ETFs Continue to Attract Inflows
In the U.S., Bitcoin ETFs are continuing to see inflows, marking their eighth straight day in the green. Monday saw $61 million in inflows, with most going to BlackRock’s IBIT ETF, which now leads the market with $21.5 billion in net inflows since inception.
Japanese Firm MetaPlanet Buys More Bitcoin
In Japan, MetaPlanet—a company aiming to be a local crypto proxy stock—announced that it had purchased another 107 BTC, bringing its total to 507 BTC worth $32.2 million.
PoliFi Tokens Surge Ahead of U.S. Elections
As the U.S. election nears, PoliFi tokens are experiencing solid gains. The market cap of the category is approaching $700 million. The MAGA token (TRUMP) is up 70%, while its Solana counterpart (TREMP) has surged 33%. Kamala Harris’ token (KAMA) is also up 61%, as Harris leads Donald Trump by 1 percentage point on Polymarket.
Prediction markets and crypto election betting are gaining significant traction, with election betting volume on Polymarket surpassing $1 billion. Today, Woo X announced the addition of HARRIS and TRUMP tokens from Outcome Market, a decentralized prediction market backed by Wintermute.
BIO Protocol Seeks $13 Million for DeSci Research
In other crypto news, the BIO Association, a Swiss nonprofit aiming to expand Decentralized Science (DeSci), announced a public token sale. The sale aims to raise $13 million to support community-led BioDAOs, which finance scientific research and biotech innovations.
BIO’s founder, Paul Kohlhaas, explained that DeSci can bypass traditional gatekeepers like Big Pharma, enabling faster scientific discoveries. “DeSci allows us to make early-stage science community-driven and more accessible,” said Kohlhaas. The protocol’s first token sale raised over $5 million from investors including Sora Ventures.
Final Thoughts
As the U.S. election draws near, PoliFi tokens like TRUMP and KAMA are seeing significant gains. At the same time, the BIO Association is looking to reshape biotech funding through decentralized science. Both sectors continue to attract attention as the crypto market evolves.
