Mamdani wins New York City mayoral election; industry closely watches his crypto policy.
on November 5th, according to the Associated Press, 34-year-old Zohran Mamdani defeated former New York State Governor Andrew Cuomo and Republican Curtis Sliwa in the election to become the 111th mayor of New York City, becoming the first Muslim and South Asian to hold this position in over a century. Some of Mamdani's main campaign promises include: free city bus fares, freezing rent prices, providing universal childcare services, raising the minimum wage by 2030, and taxing large corporations and the wealthiest 1% of New Yorkers to lower the cost of living. Critics claim that his policies will bring disastrous consequences to the city's businesses. Industry figures in the crypto sector such as Gemini co-founder Tyler Winklevoss and White House AI and crypto czar David Sacks opposed Mamdani in the New York City mayoral election, openly supporting former New York State Governor Andrew Cuomo. Although Mamdani rarely comments publicly on cryptocurrencies, the industry is now closely watching how the policies of this socialist mayor will affect digital assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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VIPAI Asset Sell-Off and Selective Rotation in Crypto
1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.
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