On Thursday (November 7), Bitcoin fluctuated at the level of $75,700, and hit a record high of $76,400 in the early morning of the Asian session. After Donald Trump announced his victory, the trading volume of BlackRock Bitcoin Spot ETF (IBIT) surged to $1 billion in the first 20 minutes of opening, successfully setting a historical record. Billionaire Elon Musk's wealth increased by $20.9 billion, firmly occupying the throne of the world's richest man.
Wall Street riot: Investors buy Bitcoin spot ETFs crazily, BlackRock sets trading record
In a speech on Wednesday, Trump has declared victory in the 2024 presidential election, defeating rival Kamala Harris. Fox News statistics show that he has surpassed the 270 vote threshold for victory. Bloomberg reported that he won battleground states such as Pennsylvania, Wisconsin, and Michigan. Republicans control the Senate; the fate of the House of Representatives remains uncertain.
The day after Trump won the U.S. presidential election, BlackRock’s Bitcoin spot ETF saw trading volume surge to $1 billion in the first 20 minutes of trading, according to Eric Balchunas, senior ETF analyst at Bloomberg.
“IBIT did $1 billion in volume in the first 20 minutes, which is almost its entire day’s volume,” Balchunas tweeted on Wednesday. “Same story for other Bitcoin spot ETFs, crazy volume, on track to set records.”
Trump's victory was widely seen as a huge boon for the cryptocurrency industry, with the billionaire real estate mogul-turned-politician expressing support for cryptocurrencies ahead of the election. In contrast, Harris has shown little interest in accepting cryptocurrencies such as Bitcoin.
According to the Block Data Dashboard, BlackRock's Bitcoin Spot ETF manages approximately $30 billion in assets, more assets than any other Bitcoin spot ETF.
During the campaign, Trump promised to build a strategic Bitcoin reserve, pardon Silk Road founder Ross Ulbricht, and fire SEC Chairman Gary Gensler.
Musk's wealth increased by $20.9 billion, firmly maintaining his position as the world's richest man
Tesla closed up 14.75% on Wednesday in the U.S. after Trump, who Musk supports, won the U.S. presidential election. According to Forbes’ rich list, Tesla’s surge has increased the wealth of Musk, the company’s founder and CEO, by $20.9 billion in a single day, bringing his total assets to $285.6 billion, far exceeding Jeff Bezos, who ranks second on the world’s richest list.
Musk said on Twitter: "The (U.S.) government is about to undergo a radical overhaul to end the hobbled bureaucracy, insane deficit spending, and return personal freedom to the people."
Tether's unusual movement: 2 billion USDT funds transferred to Ethereum
Stablecoin issuer Tether announced that it will coordinate with third-party well-known exchanges to conduct on-chain conversions to convert some of its USDT cold wallets from different blockchains to USDT on Ethereum. In the process, the total supply of USDT will remain unchanged.
The specific distribution is as follows (subject to change): 1 billion USDT on the TRC20 chain, 600 million USDT on the AVAX chain, 300 million USDT on the NEAR chain, 75 million USDT on the CELO chain, and 60 million USDT on the EOS chain will all be converted to USDT on the Ethereum chain.
Bitcoin Technical Analysis
CoinGape said that over the past eight months, the Bitcoin price forecast has been moving sideways, struggling to break through the $73,800 mark. This consolidation in the daily chart shows that a well-known bullish continuation pattern called a “flag” has formed.
The past two months have been very favorable for Bitcoin price prediction as the asset rallied from $53,730 to $74,000, a gain of 60%. The rally broke through the key resistance level of the pattern, providing technical support for a potential upside.
If the pattern holds, the Bitcoin price prediction could see another 35% increase to $100,000.
However, if the breakout fails and Bitcoin price plummets within the flag range, sellers are likely to strengthen their grip on the asset.
