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Bitcoin Sets New Record After Trump's Victory

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2 hours ago

This week, Bitcoin reached an all-time high, surging to $76,191 following Donald Trump's election victory on November 6.

Impact of Trump's Victory on the Crypto Market

Trump's win has been a major catalyst for the recent surge in cryptocurrency prices. Sylvia Jablonski, CEO of Defiance ETFs, noted that the Trump administration's stance on crypto favors risk assets and supports their growth.

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 parts of government like financial institutions and the Fed, or an alternative for decentralized currency, and overall support of risk assets and the growth of crypto... is really what’s making it grow.Sylvia Jablonski

Record-Breaking IBIT Trading Volume

BlackRock's iShares Bitcoin Trust (IBIT) witnessed a trading volume record of $4.1 billion on November 6, surpassing well-known stocks like Berkshire Hathaway and Netflix. Eric Balchunas, a Bloomberg ETF analyst, highlighted this as the 'biggest volume day ever' for IBIT.

Future of Crypto ETFs

Analysts believe Trump's victory could lead to a wave of new crypto ETFs. So far, 2024 has seen an influx of regulatory filings for ETFs holding altcoins like Solana and XRP. Analysts point to increasing institutional interest in more diverse cryptocurrency portfolios.

The cryptocurrency market is experiencing significant growth following Trump's victory, opening new opportunities for investors in crypto funds and drawing attention to digital assets.

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