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Bitcoin: Record Highs Following Trump's Victory

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2 hours ago

This week, Bitcoin reached an all-time high following Donald Trump's election victory. The flagship cryptocurrency set records alongside BlackRock's iShares Bitcoin Trust, which recorded a monumental trading volume.

Crypto Markets Rise After Trump

Trump's victory is seen as a major catalyst for the recent surge in crypto prices. Sylvia Jablonski, CEO of Defiance ETFs, explained that Trump's stance on crypto supports the growth of digital assets.

The themes around the Trump trade for crypto are deregulation, potential tax cuts for an asset that is both held long term and day traded, less dependency on financial institutions and the Fed, and overall support of crypto growth.Sylvia Jablonski

Record-Breaking IBIT Trading Volume

BlackRock's iShares Bitcoin Trust recorded a trading volume of $4.1 billion, surpassing well-known stocks like Berkshire Hathaway and Netflix. It marked its second-best trading day since launch.

$IBIT just had its biggest volume day ever with $4.1 billion traded. For context, that's more volume than stocks like Berkshire and Netflix.Eric Balchunas

Future of Crypto ETFs

Analysts believe Trump's victory could lead to a wave of new crypto ETFs. 2024 has been marked by an influx of regulatory filings for ETFs holding altcoins like Solana, XRP, and Litecoin, indicating increasing institutional interest in diversifying portfolios beyond Bitcoin.

Donald Trump's election victory has resulted in a surge in the crypto market, with record highs reached for Bitcoin and ETF trading. These developments could herald a new phase of growth in the cryptocurrency sector.

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