- Trump’s win has uncertainty shown that he is a crypto-friendly leader as his mere win has skyrocketed the price of Bitcoin as well as other ETFs.
- Some of the market experts have anticipated that the crypto policies that have been promised by Donald Trump will be a blessing for the industry and assets surpassing Bitcoin.
- Bitcoin ETFs have witnessed one of their best days since the crazy early days in January.
The outstanding victory of Donald Trump in the United States presidential election has benefited the crypto industry in several ways. One of the beneficiaries is BlackRock’s Bitcoin exchange-traded fund (ETF) which recorded a great day in terms of trading.
Eric Balchunas, an analyst from Bloomberg ETF took to a social media platform, X on November 6 and mentioned that iShares Bitcoin Trust (IBIT) has recorded the biggest volume day as never before yesterday. Also, the daily trading volume stood at more than $4.1 billion.
The analyst has further added that “The volume was very high as compared to some stocks like Berkshire, Netflix or Visa as recorded on November 6. Since the introduction, yesterday can be considered as the second-best day as it was up over 10%.
He has also speculated that some of these will convert into inflows probably hitting Tuesday or Wednesday night. A follow-up post has also been made by the analyst in which he mentioned that the other Bitcoin ETFs have witnessed one of their best days since the crazy early days in January.
The highest trading day
Trump’s win has uncertainty shown that he is a crypto-friendly leader as his mere win has skyrocketed the price of Bitcoin as well as other ETFs. Also, the highest trading day has come after that. According to CoinMarketCap, the price of Bitcoin is trading at $74,794 at the press time.
The ETF store president, Nate Geraci has shared his views on X and commented that In 2024, we can see that Bitcoin emerged as a leader in the ETF landscape. Also, it has been considered in six of the ten leading and successful launches this year.
Many issuers are waiting patiently for the acceptance of different crypto index ETFs made to hold varied tokens.
The Trump’s effect
Some of the market experts have anticipated that the crypto policies that have been promised by Donald Trump will be a blessing for the industry and assets surpassing Bitcoin.
In the last month, on October 25, the Bloomberg ETF analyst referred to the filings for crypto index ETFs as “call options on a Trump victory” in the race for the presidential election in the United States.
At the same time, some other analysts and experts have anticipated that the price of Bitcoin will continue to rise as Trump is ready to enter the White House once again. The head of research at Copper.co, Fadi Aboualfa has revealed his prediction that a $100,000 price mark for Bitcoin seems possible by January 20, the inauguration day.
