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Trump's Victory Sparks Crypto Frenzy! Bitcoin Surges Past $88,000, ETF Size Surpasses Gold ETF - AdminSo
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Trump's Victory Sparks Crypto Frenzy! Bitcoin Surges Past $88,000, ETF Size Surpasses Gold ETF

Blockchain 2024-11-12 05:56:18 Source:

Trump's Victory Sparks Crypto Frenzy! Bitcoin Surges Past $88,000, ETF Size Surpasses Gold ETFOn Monday, the cryptocurrency rally sparked by Trump's victory in the US presidential election continued to heat up. Bitcoin has been surging since the weekend, accelerating its climb on Monday, breaking through several integer price points and ultimately surpassing the $88,000 mark, registering an over 11% increase in the past 24 hours

Trump's Victory Sparks Crypto Frenzy! Bitcoin Surges Past $88,000, ETF Size Surpasses Gold ETF

On Monday, the cryptocurrency rally sparked by Trump's victory in the US presidential election continued to heat up. Bitcoin has been surging since the weekend, accelerating its climb on Monday, breaking through several integer price points and ultimately surpassing the $88,000 mark, registering an over 11% increase in the past 24 hours. Top-ranked cryptocurrencies experienced a broad surge, with Ethereum and Solana both gaining approximately 40% in the past seven days, outpacing Bitcoin's 31% gain. Dogecoin, endorsed by Elon Musk, doubled its value in the past week.

Bitcoin futures premiums soared, indicating investor optimism about the positive impact of Trump's victory. According to data from derivatives exchange Deribit, bets placed on Bitcoin breaking through $90,000 exceeded $2.8 billion. On the same day, MicroStrategy, a major holder of Bitcoin, announced the purchase of approximately 27,200 Bitcoins for $2.03 billion, marking their largest purchase since December 2020. On October 30, MicroStrategy, while releasing its Q3 earnings report, announced the "21/21" plan, which involves raising $42 billion through $21 billion in equity and $21 billion in bonds to buy more Bitcoin over the next three years.

 Trump

During Monday's US stock market session, the asset management size of the BlackRock-backed Bitcoin ETF, IBIT, surpassed that of one of the largest gold ETFs, iShares IAU. While IBIT still trails the SPDR Gold Shares GLD, the world's largest gold ETF, by roughly $30 billion, its overtaking of IAU marks a milestone in the history of Bitcoin ETFs. According to FactSet data, IBIT received approximately $1 billion in inflows over the past week, totaling $27 billion in inflows since its launch in January. The surge in Bitcoin prices has pushed the ETF's asset management size to over $30 billion. As of last Friday, the asset management size of the Bitcoin ETF IBIT was $34.3 billion, compared to IAU's slightly lower $33 billion. These figures do not yet reflect the surge in Bitcoin value over the weekend and Monday.

Cryptocurrency stocks and blockchain-related stocks saw a general uptick on Monday, with several leading stocks surging. By the end of the day, Canaan Inc. ADR gained over 41%, MARA Holdings rose nearly 30%, Coinbase jumped almost 20%, reaching a new intraday high since November 2021, MicroStrategy gained over 25%, hitting a new intraday record high, and the ProShares Bitcoin Strategy ETF soared over 27%.

 Trump

Wall Street widely believes that Trump's promise of full commitment to the cryptocurrency field has pushed Bitcoin to new heights. Trump has pledged to make the US the global capital of cryptocurrencies. Bitcoin speculators are betting on a more relaxed regulatory environment and anticipate the establishment of a crypto reserve fund by the authorities, which could bolster sustained demand. Citi strategists recently pointed out in a report that cryptocurrencies are one of the few "Trump trades" that have not yet retraced. This is partly because of Trump's pro-crypto stance, and investors hope for clarity in US regulatory policies.

Since the election, spot cryptocurrency ETFs have seen record-breaking inflows. Over the two days following the US election, BTC and ETH ETFs saw net inflows of $2.01 billion and $132 million, respectively. Citi continues to see ETF flows as a key driver of Bitcoin returns. Chris Newhouse, Head of Research at Cumberland Labs, stated that Bitcoin continues to surpass expectations and reach new highs. The market seems to have finally realized that we are entering an undeniable bull market for the next few years.

Moving forward, some analysts anticipate continued growth in the cryptocurrency market. Some are predicting that Bitcoin could reach the significant milestone of $100,000 by the end of the year.

Tag: ETF Trump Victory Sparks Crypto Frenzy Bitcoin Surges Past


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