Originally published on: November 07, 2024
On November 5th, Galaxy Digital, a leading cryptocurrency trading firm, experienced its busiest trading day of the year as news of Donald Trump’s victory in the US presidential election led to a surge in interest in the crypto market. According to a report by Bloomberg, Galaxy Digital’s CEO, Michael Novogratz, described the day as a reaffirmation of their hard work and dedication.
Following Trump’s win, Novogratz’s net worth increased by approximately $600 million, bringing his total wealth to $4.6 billion. The cryptocurrency market saw a significant uptick in activity, with Bitcoin reaching a peak of $76,500 on November 6th, driven by a sense of optimism in the broader financial markets.
In addition to Bitcoin’s rally, Ether prices also saw a 10% spike, accompanied by a surge in trading volume for iShares Bitcoin Trust (IBIT) and significant inflows into US spot Ether exchange-traded funds. US crypto stocks experienced substantial gains, with many seeing double-digit increases in value following the election results.
Analysts believe that Bitcoin’s period of consolidation over the past eight months may soon transition into a bull market, with the potential for a breakout above key resistance levels. Despite his lack of public support for Trump, Novogratz emphasized the importance of a bipartisan approach to supporting the crypto industry.
As the crypto market continues to react to political developments, investors are closely watching for new opportunities and trends that may impact their trading strategies. Stay informed with critical insights and updates by subscribing to our Markets Outlook newsletter today.
