As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations driven by political events. However, the surge in Bitcoin trading following Donald Trump’s re-election victory is quite unprecedented, even for me.

Approximately $1 billion worth of Blackrock’s Bitcoin ETF was traded within the initial minutes following Donald Trump’s victory in the U.S. presidential election on November 5th, as per data from Bloomberg.

Experts anticipate that the price of Bitcoin may continue to increase due to the upcoming second term of President Trump, who has shown favorable views towards cryptocurrencies.

According to valuation models, it’s not out of the question that Bitcoin could reach $100,000 by the time the 47th U.S. President takes office, as per Fadi Aboualfa, head of research at Copper.co, a crypto custodian service, in an email to CryptoMoon.

On November 6th, the Blackrock’s iShares Bitcoin Trust (IBIT) experienced approximately $1.1 billion worth of trades within the initial 20 minutes following market opening, as mentioned by Bloomberg ETF analyst Eric Balchunas in a post on the X platform.

In just the initial 20 minutes, $IBIT has traded over a billion dollars – this is roughly its daily average,” Balchunas stated. “Similarly high volumes are being observed in other Bitcoin ETFs as well; it’s quite astonishing.

Blackrock Bitcoin ETF sees $1B volume in first minutes of post-election trading

Related: These crypto ETFs are ‘call options’ on the US elections

The election pitted Trump — who has said he wants to make America “the crypto capital of the world” — against Democrat Kamala Harris, who has been comparatively quiet on the industry.

With President Joe Biden in office, the U.S. Securities and Exchange Commission (SEC), under Vice President Kamala Harris’s supervision, has adopted a proactive regulatory approach towards cryptocurrencies. This strategy has led to over 100 regulatory actions being taken against crypto-related companies.

In the November 5th election, Trump secured over 270 electoral votes as well as the majority of the popular vote. Although some ballots are yet to be counted, the results have been officially declared in Trump’s victory.

In a recent post, Geraci stated that Bitcoin has been the leading force in the ETF sector this year, making up six out of the top ten most successful launches in 2024.

2024 saw a surge in regulatory submissions by asset managers aiming to launch ETFs containing various altcoins like Solana, Ripple‘s XRP, and Litecoin, along with other alternative cryptocurrencies.

Providers are anxiously awaiting the green light for multiple proposed cryptocurrency index ETFs, which aim to accumulate a variety of digital tokens.

Essentially, these submissions act like bets on a Trump win in the U.S. presidential election, according to Balchunas’ statement on October 25th.

2024-11-06 21:09

Related: These crypto ETFs are ‘call options’ on the US elections

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