As an analyst with over two decades of experience in the financial markets, I have witnessed numerous market fluctuations and trends that have shaped the investment landscape. However, the events following Donald Trump’s victory in the 2016 US Presidential Election and the subsequent surge in Bitcoin trading volume were truly unprecedented.
On the day following Donald Trump’s win in the U.S. Presidential election, there was a remarkable surge in trading activity for BlackRock’s Bitcoin exchange-traded fund (ETF).
On November 6th, Bloomberg ETF analyst Eric Balchunas announced through a post that the iShares Bitcoin Trust (IBIT) had its highest trading volume day yet, exceeding $4.1 billion in trades for that particular day.
As an analyst, I’d like to provide some context: The volume we’re dealing with here surpasses that of well-known stocks such as Berkshire Hathaway, Netflix, or Visa on a typical trading day. Moreover, it experienced a 10% increase, making it one of its second-best performance days since its launch, according to Balchunas’ statement.
On another note, Bitcoin ETFs similar to BTC experienced one of their busiest trading days since January’s frenzied period, as indicated by a subsequent update from Balchunas. This was primarily due to most of these funds handling twice the usual amount of trades.
On November 6th, IBIT experienced its best trading day ever, coinciding with a series of optimistic indicators for Bitcoin. Just hours after Donald Trump, known for his favorable stance towards cryptocurrency, was elected as the U.S. President, Bitcoin reached an unprecedented peak of $76,500.
At the point of this article’s release, the cost of a single Bitcoin had dipped slightly to approximately $75,267, as per the data provided by TradingView.
Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful launches in 2024, ETF Store president Nate Geraci said in an X post.
Experts are convinced that, alongside Trump’s proposed crypto-friendly regulations, there could potentially be significant benefits for digital assets other than Bitcoin.
By 2024, numerous asset managers have flooded the submission of regulatory documents to launch ETFs that incorporate altcoins such as Solana, Ripple (XRP), and Litecoin, along with several other digital assets.
Investors are likewise anticipating the green light for multiple proposed cryptocurrency index ETFs, which aim to own a variety of digital assets.
On October 25th, Balchunas likened the filing for cryptocurrency index ETFs to “bets” or “options” that predict a win by Trump in the U.S. Presidential election.
Currently, various financial experts and investors are anticipating an increase in Bitcoin’s value due to the fact that a pro-cryptocurrency Republican, Trump, is about to occupy the White House.
According to Fadi Aboualfa, who leads research at Copper.co, predicts that the price of Bitcoin could reach $100,000 as a strong possibility by January 20, which is also the day when former President Trump is scheduled to visit the Capital for his inauguration.
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2024-11-07 04:32