Following Donald Trump's election victory, Bitcoin reached a new all-time high, coinciding with a record trading volume for BlackRock’s iShares Bitcoin Trust (IBIT).
Impact of Trump's Victory on Crypto Market
Trump's election victory is seen as a main catalyst for the surge in crypto prices. Sylvia Jablonski, CEO of Defiance ETFs, explained that the Trump administration's stance on crypto favors growth of digital assets.
Record-Breaking IBIT Trading Volume
On November 6, BlackRock’s iShares Bitcoin Trust (IBIT) set a trading volume record of over $4.1 billion, surpassing well-known stocks like Berkshire Hathaway, Netflix, and Visa. Eric Balchunas, a Bloomberg ETF analyst, noted that this was the 'biggest volume day ever' for IBIT, and the fund also saw a 10% increase.
Prospects for Crypto-ETF
Analysts believe that Trump’s victory could pave the way for a wave of new crypto ETFs. So far, 2024 has seen an influx of filings for ETFs holding altcoins like Solana, XRP, and Litecoin. There is anticipation surrounding the approval of crypto index ETFs, which would hold a mix of digital assets.
Trump's election victory and IBIT's record-breaking trading volumes highlight the growing influence of political events on the crypto market and the increasing interest in crypto-ETFs.
