Galaxy Digital experienced a record trading day on November 5 following Donald Trump’s victory in the US presidential election, which sparked significant interest in cryptocurrencies.
Record Day for Galaxy Digital
November 5 marked a record trading day for Galaxy Digital. Michael Novogratz, the company's CEO, reported that the firm was trading with both US and international clients, engaged in lending, and active on the derivatives desk. Novogratz’s net worth increased by 15%, or around $600 million, rising to $4.6 billion according to the Bloomberg Billionaires Index.
Crypto Market Reacts to Trump's Victory
Trump's victory led to a surge in the cryptocurrency market. Bitcoin peaked at $76,500 on November 6. The iShares Bitcoin Trust recorded its biggest ever trading volume, reaching $4.1 billion. Ethereum prices also spiked 10%, with US Ether ETFs seeing net inflows of $52.3 million, the highest in six weeks.
Expert Opinions and Impact on Crypto Stocks
US crypto stocks also experienced massive gains, mostly in double digits, following Trump’s win. Analysts suggest Bitcoin’s growth could lead to a robust bull market. Rekt Capital notes that a Weekly Candle Close above $71,500 could trigger a breakout from the re-accumulation range.
Trump's election victory served as a catalyst for increased interest in cryptocurrencies, leading to record trading days for some market participants and significant asset value growth.
