30s Summary
Blackrock’s Bitcoin ETF valued at $1 billion was traded within minutes following the announcement of Donald Trump’s victory in the U.S. presidential election. Experts predict Bitcoin’s price to rise due to Trump’s approach to cryptocurrencies. Bitcoin may even reach $100,000 by Trump’s inauguration, Copper.co suggests. Additionally, Blackrock’s iShares Bitcoin Trust saw a trading volume of $1.1 billion within 20 minutes of market opening, indicating a high demand for Bitcoin ETF. More regulatory filings for altcoin ETFs are expected, driven by Trump’s anticipated election victory.
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So, here’s the scoop – Blackrock’s Bitcoin ETF worth a whopping $1 billion was traded within minutes following Donald Trump being announced as victorious in the U.S. presidential election on November 5th. This information comes straight from Bloomberg by the way.
And get this, the experts are saying that Bitcoin’s price is only going upwards now that Trump, who is totally cool with cryptocurrencies, is about to kick off his second term as the president of the U.S on January 20.
Fadi Aboualfa, the big brain at a crypto holding firm called Copper.co, suggests that the possibility of Bitcoin hitting $100,000 by the time our 47th President is ready for his inauguration isn’t a far-fetched one.
Notice, by the way, how on November 6, Blackrock’s iShares Bitcoin Trust, also known lovingly as IBIT, saw a crazy trading volume of nearly $1.1 billion in the first 20 minutes of market opening. This highly unexpected surge was reported by Bloomberg’s ETF analyst Eric Balchunas on the X platform, indicating the crazy demand for Bitcoin ETF.
Just as a quick recap, the presidential election was a face-off between Trump, who openly expresses his desire of making America the cryptoland, and Kamala Harris, who doesn’t have a lot to say about this industry.
Under President Joe Biden’s leadership, the U.S Securities and Exchange Commission (SEC) showed their teeth with around 100 regulatory actions against crypto companies. Trump, however, triumphed with over 270 electoral votes and the majority of the popular vote. The final result isn’t out yet, but speculation is rife for a Trump victory.
In 2024, crypto big dogs made a rush of regulatory filings for altcoins ETFs including the likes of Solana, XRP, and Litecoin among others. These filings were essentially banking on a Trump win in the elections, Balchunas said back in October.
In other words, hold onto your hats folks! The bitcoin rollercoaster is not slowing down any time soon.