Originally published on: November 07, 2024
Galaxy Digital, a major player in the cryptocurrency trading realm, experienced its most eventful trading day of the year on November 5 as the US presidential election results unfolded. In the wake of Donald Trump’s victory in the race, the interest in crypto surged, leading to a flurry of trading activities within the firm, as reported by Bloomberg.
According to Michael Novogratz, the CEO of Galaxy, the firm was bustling with activity, engaging in trading operations with various counterparts both in the US and internationally, along with handling lending and derivative transactions. Novogratz expressed his satisfaction by saying, “It really felt like an affirmation of everything we’ve been working for.”
Following the election outcome, Novogratz’s net worth saw an impressive spike of around $600 million, reaching a total of $4.6 billion, as depicted by the Bloomberg Billionaires Index.
The post-election scenario witnessed a significant surge in the crypto market, with Bitcoin reaching a peak of $76,500 on November 6 amid a wave of broader market optimism. Notably, iShares Bitcoin Trust (IBIT) recorded its highest volume day ever, with over $4.1 billion in daily trading volume.
In tandem with Bitcoin’s upward trajectory, Ether prices soared by 10%, while US spot Ether exchange-traded funds (ETFs) attracted net inflows of $52.3 million, marking the highest influx in six weeks.
The victory of Trump also had a positive impact on US crypto stocks, with many experiencing substantial gains, some even hitting double digits. Analysts speculate that Bitcoin’s prolonged period of “re-accumulation” since March may set the stage for an impending bull run.
Despite his personal political inclinations, Novogratz reiterated his commitment to promoting the crypto industry in a bipartisan manner. Reflecting on the developments, he stated, “I didn’t publicly support Donald Trump as President, but I was always pro-crypto and I thought, let’s do the best we can to have a bipartisan agreement.”
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