- Bitcoin’s price surged following Donald Trump’s presidential win, nearing the $90,000 milestone.
- BlackRock’s Bitcoin ETF and crypto stocks reached record trading volumes amid Bitcoin’s rally.
Bitcoin [BTC] has entered a bullish phase following Donald Trump’s victory as the 47th President of the United States.
Interestingly, market speculation was already buzzing with predictions that Trump’s win could propel BTC to the much-anticipated $100,000 mark.
Now, with Bitcoin closing in on $90,000, that milestone seems within reach—though market analysts remain cautious, emphasizing that future price movements remain uncertain amid ongoing volatility.
Beyond BTC’s impressive price surge, the broader crypto market is also witnessing notable achievements.
Impact of Bitcoin nearing $90K
Bitcoin’s recent 11% rally in 24 hours, pushing it to $89,700 on the 12th of November, has brought a surge in trading volumes for U.S. spot Bitcoin exchange-traded funds (ETFs), along with crypto firms like MicroStrategy Inc. (MSTR) and Coinbase Global Inc. (COIN).
Combined daily trading volumes for these assets hit a record $38 billion, a significant increase over the previous high of approximately $25 million recorded in March.
Remarking on the same, Bloomberg Intelligence and ETF analyst Eric Balchunas said,
“The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, incl $IBIT which did $4.5b, which points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon.”
Source: Eric Balchunas/X
Bitcoin ETF, too, sees a surge
Well, it wasn’t just the usual players like Bitcoin ETFs, MSTR, and COIN witnessing a surge—BlackRock’s spot BTC ETF also shattered previous trading volume records.
Days after Trump’s win, BlackRock’s spot Bitcoin ETF recorded an influx exceeding $1.1 billion in a single day, setting a new benchmark.
MicroStrategy emerged as one of the biggest gainers on 11th November, with its stock soaring over 25% to $340. Coinbase also surged nearly 20%, reaching $324.20—its first time over $300 since 2021.
Notably, MSTR and COIN were among the top five most-traded stocks in early trading, surpassing even giants like Apple and Microsoft, as noted by ETF analyst Eric Balchunas.
Community reaction and more
Observing the remarkable impact following Trump’s victory, Sam MacDonald responded to Balchunas’ tweet, saying,
“@EricBalchunas just trying to gauge the vibe in Wall Street. Are these numbers turning heads? Seems (from afar) like the Trump effect is pushing everything higher.”
Thus, while the recent surge in BTC’s price has stirred excitement, it’s uncertain whether this rally is solely driven by Trump’s victory or if other factors are also at play.
Therefore, as the market adjusts in the coming days, it will be intriguing to see if Bitcoin’s momentum will be sustained or if a pullback will be on the horizon.
