Bitcoin reached new heights this week, hitting $76,191 after Donald Trump's election victory.
Trump's Victory Boosts Crypto Markets
Donald Trump's election victory is seen as a major catalyst for the crypto market surge. Sylvia Jablonski, CEO of Defiance ETFs, explained that the Trump administration's stance on crypto favors growth in digital assets. 'The themes around the Trump trade for crypto are deregulation, potential tax cuts for assets held long term but also day traded, and less dependency on parts of government like financial institutions and the Fed,” she told CNBC.
Record-Breaking IBIT Trading Volume
On November 6, BlackRock's iShares Bitcoin Trust (IBIT) set a record trading volume of over $4.1 billion, surpassing stocks like Berkshire Hathaway, Netflix, and Visa. Eric Balchunas, a Bloomberg ETF analyst, pointed out that it was the 'biggest volume day ever' for IBIT, which also saw a 10% increase in value.
Future of Crypto ETFs and Altcoin Interest
Analysts believe Trump's victory could pave the way for new crypto ETFs. So far, 2024 has seen an influx of regulatory filings for ETFs that include altcoins like Solana, XRP, and Litecoin. This indicates growing institutional interest in diversifying portfolios beyond Bitcoin.
Trump's victory and the trend of deregulation favor positive crypto market sentiments and may catalyze diversification into altcoins.
