BlackRock's Bitcoin ETF Soars to Record Highs Following Trump's Election Triumph
by aria-crypto.com
November 7, 2024 at 05:07
BlackRock's Bitcoin ETF Soars to Record Highs Following Trump's Election Triumph
Following Donald Trump's presidential election victory, BlackRock's iShares Bitcoin Trust (IBIT) experienced an unprecedented trading day on November 6, achieving a record $4.1 billion in volume. This marked the trust's highest trading volume ever, even surpassing major firms like Berkshire Hathaway and Netflix. Amidst this trading frenzy, Bitcoin itself reached a new peak, soaring to $76,500. The surge is largely attributed to the market's reaction to Trump's crypto-supportive agenda, which includes plans such as establishing a national Bitcoin reserve and incentivizing crypto miners. Bloomberg analyst Eric Balchunas pointed out that the trading volume spike was so immense that it matched a typical full day's volume within just 20 minutes. The enthusiastic response from investors has nearly doubled the typical daily volume for US spot Bitcoin ETFs, signaling a robust confidence in the future of cryptocurrencies under Trump's administration. Analysts are now predicting that Bitcoin could potentially hit $100,000 by January 20, driven by bullish sentiment and optimistic market dynamics under a pro-crypto presidency.
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