This week, Bitcoin reached an all-time high, climbing to $76,191 following Donald Trump's election victory. The flagship cryptocurrency stabilized around the $74,900 mark.
Trump's Victory Boosts Crypto Markets
Trump’s re-election served as a major catalyst for the surge in crypto prices. Sylvia Jablonski, CEO of Defiance ETFs, stated that the Trump administration’s crypto-friendly stance promotes the growth of digital currencies. Quote: 'The themes around the Trump trade for crypto are deregulation, potential tax cuts...support of risk assets.' - Sylvia Jablonski.
Record-Breaking IBIT Trading Volume
BlackRock set a trading volume record for its iShares Bitcoin Trust (IBIT) on November 6, reaching over $4.1 billion and outpacing stocks like Berkshire Hathaway. Bloomberg ETF analyst Eric Balchunas highlighted this day as IBIT's biggest, with a 10% increase in value.
Impact on Crypto ETF Market
Other Bitcoin ETFs also saw significant trading volume increases. Since 2024, Bitcoin ETFs have dominated the ETF market, and analysts predict Trump's victory could pave the way for new crypto ETFs, including altcoins.
The impact of Trump's re-election on the cryptocurrency market has been profound, sparking trading records and likely influx of new ETFs. This has bolstered the position of Bitcoin and other cryptocurrencies in the global financial landscape.
