BITSANITY': Bitcoin Stocks, ETFs Smash Records as Trading Volume Reaches $70 Billion

November 24, 2024

Total trading volume in the so-called “Bitcoin Industrial Complex” — which includes U.S.-based bitcoin exchange-traded funds and stocks in companies such as MicroStrategy (MSTR) and Coinbase (COIN) — reached $70 billion on November 21, as bitcoin soared above $98,300.

The previous record of $55 billion, set the day before, when MSTR was the most actively traded stock in the U.S., was smashed, according to Bloomberg ETFs analyst Eric Balchunas, citing data from Bloomberg Intelligence.

MSTR was also the main driver of the day’s trading volume, with its shares down more than 25% from a high of $536.7 to $397.28 when the session ended on November 21. November.

The trading record was set as Bitcoin surged 5% to an all-time high of $98,311, according to CoinGecko data.

Bitcoin has eased slightly to $98,075, but is on the verge of breaking the $100,000 barrier.

More on Cointelegraph Arabic: Paxos acquires Membrane Finance to expand stablecoin reach in the EU