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Bitcoin and Crypto Markets Surge Post-Trump Victory

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2 hours ago

Following Donald Trump's presidential election victory, Bitcoin achieved a new all-time high, accompanied by a record trading volume by iShares Bitcoin Trust.

Trump's Victory Boosts Crypto Investments

Trump's re-election is seen as a major catalyst for the latest surge in crypto prices. Sylvia Jablonski, CEO of Defiance ETFs, explained that the Trump administration's policies favor risk assets and support the growth of digital assets.

The themes around the Trump trade for crypto are deregulation, potential tax cuts for an asset that's both held long term but also day traded, and overall support of risk assets.Sylvia Jablonski

Record IBIT Trading Volume

BlackRock’s iShares Bitcoin Trust (IBIT) set a trading volume record of $4.1 billion on November 6, surpassing many well-known stocks. It was the 'biggest volume day ever' for IBIT and marked its second-best trading day since launch.

$IBIT just had its biggest volume day ever with $4.1b traded. For context, that's more volume than stocks like Berkshire, Netflix, or Visa saw today.Eric Balchunas

Future Prospects for the Crypto Industry

Analysts believe Trump's victory could pave the way for a wave of new crypto ETFs. 2024 has seen a rise in regulatory filings for ETFs holding altcoins like Solana, XRP, and Litecoin, indicating growing institutional interest.

Donald Trump's victory significantly impacted the crypto industry, highlighting a growing interest in cryptocurrencies and ETFs in 2024.

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