30s Summary
Following Donald Trump’s US presidential win, cryptocurrency trading company Galaxy Digital had its busiest trading day of the year on November 5. Galaxy CEO Michael Novogratz revealed this increased his net worth by about 15%, or $600 million, taking his total worth to $4.6 billion. The election result sparked optimism in the crypto market, with Bitcoin peaking at $76,500 the day after. The iShares Bitcoin Trust had its “biggest volume day ever,” and US spot Ether exchange-traded funds net inflows reached a six-week high of $52.3 million.
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Galaxy Digital, a company that trades cryptocurrency, just experienced the busiest trading day of the year on November 5. Why? Because Donald Trump won the US presidential race and that got a lot of people interested in cryptocurrency, according to Bloomberg.
Michael Novogratz, who’s the CEO of Galaxy, shared with Bloomberg that his entire team was completely busy, trading with different parties in the US and other countries, lending, and working on the derivative desk.
He was excited about this. “It really felt like an affirmation of everything we’ve been working for,” Novogratz said.
In fact, with all the trading going on, his net worth increased about 15%, which equals to about $600 million. So, on Nov 5, he ended up being worth $4.6 billion, as per Bloomberg Billionaires Index.
Following Trump’s win in the election, a lot of excitement ran in the crypto market, as many believe his victory will really change the industry, says Cointelegraph Research. Bitcoin (BTC) value peaked at $76,500 the day after the election on Nov. 6 with traders enjoying a lot of optimism in the market.
Eric Balchunas, a Bloomberg ETF analyst, pointed out on Nov. 6 that the iShares Bitcoin Trust (IBIT) experienced its “biggest volume day ever.” It had more than $4.1 billion in daily trading volume.
At the same time, ETH prices increased 10% and US spot Ether exchange-traded funds (ETFs) experienced an increase in net inflows of $52.3 million. That’s the highest in six weeks. After Trump’s big win, US crypto stocks also saw an enormous increase, with most of the increase being in double digits.
Bitcoin’s slow and steady increase in value over the past eight months might now stir up a big rise in value, according to Rekt Capital. They said that a Weekly Candle Close above ~$71,500 would set off the breakout from the Re-Accumulation Range.
Novogratz shared with Bloomberg, “I didn’t publicly support Donald Trump as President. I was actually on the other side. But I was always pro-crypto and I thought, let’s do the best we can to have a bipartisan agreement.”