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Home » Crypto Market News » BlackRock’s Bitcoin ETF Soars to Record Trading Volume After Trump’s Election Win

BlackRock’s Bitcoin ETF Soars to Record Trading Volume After Trump’s Election Win

  • November 7, 2024
  • 30

BlackRock’s Bitcoin exchange-traded fund (ETF) experienced unprecedented trading activity following Donald Trump’s recent victory in the U.S. presidential election. On November 6, the iShares Bitcoin Trust (IBIT) recorded over $4.1 billion in daily trading volume, marking its highest volume day ever. The surge in trading outpaced many major stocks, including Berkshire Hathaway, netflix , and Visa. Furthermore, the ETF’s value increased by 10%, securing its position as one of the best performing trading days since its inception.

Other Bitcoin ETFs also experienced notable trading spikes, reaching volumes significantly higher than their historical averages. This uptick in activity coincided with a bullish sentiment in the cryptocurrency market, as Bitcoin achieved a new all-time high of $76,500 on the same day. However, the price has since adjusted slightly, with values reported to be around $75,267, per CoinMarketCap data.

Bitcoin continues to lead the ETF market this year, comprising six of the top ten successful launches in 2024. Analysts suggest that the pro-crypto policies anticipated from Trump’s administration could further benefit Bitcoin and other digital assets. This year has already seen a significant interest from asset managers keen on launching ETFs for various altcoins like Solana , XRP , and litecoin , indicating a growing trend in the crypto sector.

As 2024 unfolds, there are expectations for multiple crypto index ETFs that will include a diverse range of tokens. Some market analysts have characterized the recent surge in regulatory filings for these funds as a strategic move in anticipation of Trump’s presidency. With Trump’s pro-crypto stance, predictions about Bitcoin ’s price suggest it could continue its upward trajectory, with some forecasting a potential rise to $100,000 by January 20, the date of Trump’s inauguration. The cryptocurrency market is on high alert as these developments unfold, paving the way for potential new highs in the coming months.

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