Originally published on: November 07, 2024
Galaxy Digital, a leading cryptocurrency trading firm, experienced its most successful trading day of the year on November 5th, coinciding with the US presidential election results, according to a report by Bloomberg.
CEO Michael Novogratz described the day as a whirlwind of activity, with trading, lending, and derivative transactions bustling both domestically and internationally.
The surge in interest and trading volume following Donald Trump’s victory in the election led to a significant increase in Novogratz’s net worth, climbing by approximately $600 million to reach $4.6 billion, as reported by the Bloomberg Billionaires Index.
The cryptocurrency market also saw a boost in the wake of Trump’s win, with Bitcoin reaching a peak of $76,500 on November 6th and other assets experiencing substantial gains. The iShares Bitcoin Trust (IBIT) reported its highest trading volume ever, surpassing $4.1 billion in daily volume.
Ether prices surged by 10%, and US spot Ether exchange-traded funds (ETFs) recorded net inflows of $52.3 million, the highest in six weeks. Additionally, US crypto stocks saw significant increases, with many posting double-digit gains after the election results.
Analysts believe that Bitcoin’s recent period of re-accumulation after reaching all-time highs in March could signal the start of a new bullish trend. Rekt Capital suggested that a Weekly Candle Close above $71,500 would initiate a breakout from the Re-Accumulation Range.
Despite his previous lack of public support for President Trump, Novogratz emphasized his pro-crypto stance and the importance of bipartisan cooperation in the industry.
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