On November 11, 2023, Bitcoin rose by 11% to $89,500, leading to record trading volumes in the US stock and ETF markets.
Bitcoin Surge and ETF Impact
Bitcoin's rise to $89,500 on November 11 significantly impacted the US ETF market. The total trading volume for Bitcoin ETFs, MicroStrategy, and Coinbase reached a record $38 billion, far surpassing the previous high of $25 million. BlackRock's iShares Bitcoin Trust ETF alone recorded $4.5 billion in trading volume.
MicroStrategy and Coinbase Success
MicroStrategy, known for its Bitcoin acquisitions, was one of the biggest gainers of the day. Its stock rose over 25% to $340, with trading volumes reaching $12 billion. The company also announced the purchase of 27,200 Bitcoins. Coinbase shares also jumped nearly 20%, closing at $324.2 for the first time in years.
Impact on Mining Companies
Bitcoin mining companies also saw significant gains. MARA Holdings increased its market cap to $7 billion, closing with a gain of 29.9%. CleanSpark, Bitdeer Technologies, Hut 8, and Bit Digital all closed the day with over 25% gains.
The sharp rise in Bitcoin and related stocks highlights the ongoing impact of cryptocurrency on financial markets. The record trading volumes indicate a growing interest and confidence in crypto assets.
