- BlackRock’s IBIT spot bitcoin ETF had a $1 billion spike in trading volumes in the first 20 minutes of trading on the day following Donald Trump’s victory in the U.S. presidential election.
- Bitcoin also reached an all-time high after Trump’s win.
According to Bloomberg Senior ETF Analyst Eric Balchunas, the day after Donald Trump won the U.S. In the first 20 minutes of trading following the presidential election, BlackRock’s IBIT spot bitcoin ETF saw a $1 billion surge in trading volumes.
Oh no, IBIT’s volume in the first 20 minutes was $1 billion, which is roughly what it does in a complete day. Crazy volume, similar situation with other bitcoin ETFs. A record-breaking volume day is in store.
In addition to sending bitcoin past $75,000, a new all-time high, as of early Wednesday, Trump’s triumph is widely regarded as a huge boon to the cryptocurrency business. Ahead of Tuesday’s election, the millionaire real estate magnate who is now a politician said that he supports cryptocurrency. Trump, who is a Republican, defeated Kamala Harris, the Democratic nominee for vice president, who had, in contrast, demonstrated less enthusiasm for cryptocurrencies like bitcoin.
BlackRock’s bitcoin ETF has more assets under management than any other spot bitcoin ETF, with over $30 billion in AUM.
As of 1:10 p.m. ET on Wednesday, the spot bitcoin ETFs offered by BlackRock, Fidelity, and Grayscale were all up roughly 8%, according to Yahoo Finance.
Bitcoin’s price is currently trading above $74,500.
Trump promised during his campaign to fire U.S. Securities and Exchange Commission Chair Gary Gensler, pardon Silk Road founder Ross Ulbricht, and establish a strategic bitcoin reserve.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
