Key Points
- Bitcoin’s price nears $90,000 following Donald Trump’s presidential win.
- Record trading volumes are seen in Bitcoin ETF and crypto stocks amid Bitcoin’s rally.
Bitcoin’s price has seen a significant increase following Donald Trump’s victory in the presidential race.
The cryptocurrency is nearing the $90,000 mark, sparking speculation that it could soon reach the much-anticipated $100,000 milestone.
Bitcoin’s Bullish Phase
The recent rally in Bitcoin’s price has caused a surge in trading volumes for U.S. spot Bitcoin exchange-traded funds (ETFs) and crypto firms such as MicroStrategy Inc. and Coinbase Global Inc.
These assets saw a combined daily trading volume of $38 billion, significantly higher than the previous record of $25 million set in March.
Record-Breaking Trading Volumes
In addition to Bitcoin ETFs and other crypto firms, BlackRock’s spot Bitcoin ETF also saw a record-breaking trading volume.
Following Trump’s win, the ETF recorded an influx exceeding $1.1 billion in a single day.
MicroStrategy’s stock soared over 25% to $340, while Coinbase’s stock surged nearly 20% to $324.20, marking its first time over $300 since 2021.
The impact of Trump’s victory on the crypto market has been significant.
However, it remains to be seen whether the recent surge in Bitcoin’s price is solely due to Trump’s win or if other factors are also influencing the rally.
As the market adjusts in the coming days, it will be interesting to see if Bitcoin’s momentum will continue or if a pullback is imminent.