Originally published on: November 06, 2024
The BlackRock Bitcoin exchange-traded fund (ETF) witnessed an extraordinary $1 billion worth of trading volume in just the first few minutes following the outcome of the US presidential election, as revealed by Bloomberg data.
As Donald Trump secured his victory on November 5, analysts are optimistic about the future of BTC’s price, anticipating a continuous uptrend with Trump’s cryptocurrency-friendly approach. With Trump set to begin his second term as US president on January 20, valuation models are hinting at a potential $100,000 Bitcoin price as Fadi Aboualfa, Copper.co’s head of research, stated in an email to Cointelegraph.
On November 6, BlackRock’s iShares Bitcoin Trust (IBIT) experienced a staggering trading volume of nearly $1.1 billion within the initial 20 minutes of the market opening. According to Bloomberg’s ETF analyst Eric Balchunas, this surge in volume was unprecedented, with IBIT typically reaching $1 billion over the span of a full day. Balchunas also noted that other bitcoin ETFs were witnessing similar record-breaking volumes.
With Trump’s vision to establish America as the “crypto capital of the world,” the election outcome has significant implications for the cryptocurrency industry. While President Joe Biden’s administration has taken a more stringent regulatory stance towards crypto, the prospect of Trump’s reelection has sparked a wave of optimism within the cryptocurrency community.
Throughout 2024, Bitcoin has maintained its dominance in the ETF market, facilitating the launch of six of the top 10 most successful ETFs. Asset managers have also been actively submitting regulatory filings for ETFs encompassing altcoins like Solana, XRP, and Litecoin, alongside proposals for diversified crypto index ETFs.
As the cryptocurrency landscape continues to evolve, the market is brimming with anticipation for the future under Trump’s second term, paving the way for a potentially transformative period for the industry.
