Originally published on: November 06, 2024
Following Donald Trump’s win in the US presidential election, BlackRock’s Bitcoin exchange-traded fund (ETF) saw a massive $1 billion in trading volume within the first moments of trading on Nov. 5, as reported by Bloomberg.
Experts are optimistic about Bitcoin’s future trajectory with Trump’s victory, as he is known to be cryptocurrency-friendly. Fadi Aboualfa, head of research at Copper.co, suggested that Bitcoin could potentially reach $100,000 by the time Trump is inaugurated for his second term.
On the day after the election, BlackRock’s iShares Bitcoin Trust (IBIT) experienced an astounding $1.1 billion in trading volume in just 20 minutes of trading, according to Bloomberg ETF analyst Eric Balchunas.
With Trump’s promises to support cryptocurrencies and make America the “crypto capital of the world,” the future of Bitcoin ETFs looks promising. This year, Bitcoin has dominated the ETF market, accounting for the majority of successful launches.
Asset managers have also shown interest in launching ETFs holding altcoins like Solana, XRP, and Litecoin. These moves suggest a growing confidence in the crypto market and a potential surge in interest with a Trump victory.
In conclusion, the post-election trading activity of BlackRock’s Bitcoin ETF points to a bullish sentiment in the market, fueled by Trump’s victory and promises to support the cryptocurrency industry. If you’re looking to capitalize on this trend, stay informed with critical insights and subscribe to our Markets Outlook newsletter for expert analysis and trading strategies.
