As an analyst with a keen eye for market trends and a knack for spotting opportunities, it is evident that Michael Novogratz has once again demonstrated his shrewdness in navigating the volatile world of cryptocurrencies. His ability to capitalize on political events, such as Trump’s victory, underscores his unique understanding of how global politics can impact financial markets.
On November 5th, I experienced a record-breaking trading day with Galaxy Digital, my go-to cryptocurrency firm, as the news of Donald Trump’s election victory in the U.S. Presidential race ignited a wave of interest in digital currencies. According to reports by Bloomberg on Nov. 7, this surge seems to be a global trend.
According to reports from Bloomberg, Michael Novogratz, CEO of Galaxy, stated that our franchise was functioning at maximum capacity – engaging in transactions with parties domestically in the U.S. and internationally, providing loans, and managing derivatives.
“It really felt like an affirmation of everything we’ve been working for,” Novogratz said.
On November 5th, as per the Bloomberg Billionaires Index, Novogratz’s net worth experienced a growth of approximately 15%, or around $600 million, resulting in a net worth of roughly $4.6 billion.
The cryptocurrency market experienced a boost after Donald Trump’s triumph in the U.S. presidential race, with experts at CryptoMoon Research suggesting that his presidency could carry substantial implications for the sector.
On the day following the November 6th election, Bitcoin (BTC) reached an all-time high of $76,500, as traders capitalized on a general surge in market confidence.
On November 6th, Eric Balchunas, an analyst at Bloomberg ETF, noted that the iShares Bitcoin Trust (IBIT) experienced its highest trading volume to date on the same day, totaling approximately $4.1 billion in trades.
At the same time, Ether prices surged by 10%, while U.S. Ether exchange-traded funds experienced a net inflow of approximately $52.3 million – the largest inflow in six weeks.
US crypto stocks also saw on massive gains — most at double-digits — after a Trump’s sweeping win.
According to Rekt Capital’s analysis, the period of about eight months where Bitcoin has been accumulating again following its previous record highs in March could potentially ignite a powerful surge in its price, often referred to as a “bull run.
If the weekly candle closes above approximately $71,500, according to Rekt Capital, it will initiate a breakout from the current accumulation phase.
According to reports from Bloomberg, Novogratz stated that he didn’t back Donald Trump as President. In fact, he took an opposing stance. However, when it came to cryptocurrency, he was always in favor and aimed for a consensus across party lines to achieve the best possible results.
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2024-11-07 22:06