Trump Election Win Set to Kick Off ‘Golden Age of Crypto’ in the US – Bitwise CIO

The new administration can prompt more transparent rules and boost in crypto prices, while also motivating investors to be more selective.

BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF) IBIT recorded an impressive $1 billion in trading volume within just 20 minutes of market opening on Nov. 6, as President-elect Donald Trump’s victory in the U.S. elections spurred a surge in interest.

The ETF, which tracks the price of Bitcoin, saw a massive influx of orders as news of Trump's win reached traders. According to Bloomberg Senior ETF Analyst Eric Balchunas, IBIT saw $1 billion in volume in just the first 20 minutes of trading, which is typically what the ETF records in an entire trading day.

This surge was driven by expectations that the incoming administration will be supportive of cryptocurrencies, with Trump having proposed a national Bitcoin reserve, a pardon for Silk Road founder Ross Ulbricht, and a shake-up of the Securities and Exchange Commission (SEC) leadership during his campaign.

The record-breaking volume also comes amid a broader surge in interest in digital assets, with Bitcoin reaching a new all-time high, surpassing $75,000 earlier on Nov. 6 after months of sideways trading.

With $30 billion in assets under management, BlackRock’s IBIT is the largest spot Bitcoin ETF, outpacing similar funds from Fidelity and Grayscale. Trump's win marks a significant shift for the crypto industry, with many expecting regulatory reforms that could bolster mainstream acceptance and support the sector's growth. Bitcoin continues to trade above $74,500, capturing the optimism among investors as they await to see how Trump's pro-crypto platform will shape the industry.

Mentioned in this article

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

News Desk

CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

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