CoinWorld reports:
On Thursday (November 7), Bitcoin fluctuated around the $75,700 level, reaching an all-time high of $76,400 during the Asian session early morning. After Donald Trump announced his victory, the trading volume of BlackRock’s Bitcoin Spot ETF (IBIT) surged to $1 billion within 20 minutes of market opening, successfully setting a historical record. Billionaire Elon Musk’s fortune increased by $20.9 billion, firmly securing his position as the world’s richest person.
Wall Street Riot: Stock Investors Frenziedly Buy Bitcoin Spot ETFs, BlackRock Sets Trading Record
In a Wednesday speech, Trump announced that he had won the 2024 presidential election, defeating his opponent Kamala Harris. Results from Fox News showed that he had surpassed the 270-vote threshold needed for victory. Bloomberg reported that he won battleground states like Pennsylvania, Wisconsin, and Michigan. The Republicans control the Senate; the fate of the House of Representatives remains uncertain.
Eric Balchunas, a senior ETF analyst at Bloomberg, stated that on the day after Trump won the U.S. presidential election, BlackRock’s Bitcoin Spot ETF’s trading volume soared to $1 billion within the first 20 minutes of trading.
“IBIT’s trading volume reached $1 billion within the first 20 minutes, which is almost its entire day’s trading volume,” Balchunas posted on Twitter on Wednesday. “Other Bitcoin Spot ETFs are facing the same situation, with trading volumes going crazy and expected to set record highs.”
Trump’s victory is widely seen as a significant boon for the cryptocurrency industry. The billionaire real estate mogul turned politician had expressed a pro-cryptocurrency stance before the election. In contrast, Harris showed little interest in embracing cryptocurrencies like Bitcoin.
According to Block Data Dashboard, BlackRock’s Bitcoin Spot ETF manages assets worth approximately $30 billion, more than any other Bitcoin Spot ETF.
During the campaign, Trump promised to establish a strategic Bitcoin reserve, pardon Silk Road founder Ross Ulbricht, and dismiss SEC’s Gary Gensler.
Musk’s Fortune Increases by $20.9 Billion, Firmly Secures Position as World’s Richest Person
After Trump, supported by Musk, won the U.S. presidential election, Tesla closed up 14.75% on Wednesday, U.S. time.
Data from the Forbes Billionaires List shows that Tesla’s surge led to a $20.9 billion increase in wealth for its founder and CEO Musk in one day, bringing his total assets to $285.6 billion, far surpassing Jeff Bezos, who ranks second on the global rich list.
Musk tweeted: “(The U.S.) government is about to undergo a thorough reform to end the bureaucratic system that hinders development, crazy deficit spending, and return personal freedom to the people.”
Tether Movement: $2 Billion USDT Funds Shift to Ethereum
Stablecoin issuer Tether announced that it will coordinate with well-known third-party exchanges to conduct an on-chain conversion of its USDT cold wallets from various blockchains to Ethereum-based USDT. During this process, the total supply of USDT will remain unchanged.
The specific allocation 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 be converted to Ethereum-based USDT.
Bitcoin Technical Analysis
CoinGape indicates that for the past eight months, Bitcoin price predictions have been consolidating, struggling to break the $73,800 threshold. This consolidation in the daily chart suggests the formation of a well-known bullish continuation pattern called the “flag.”
The past two months have been very favorable for Bitcoin price predictions, as the asset rose from $53,730 to $74,000, a 60% increase. The rebound broke the key resistance level of the pattern, providing technical support for potential upside.
If the pattern holds, Bitcoin price predictions could rise by another 35% to reach $100,000.
However, if the breakout fails and Bitcoin prices plummet within the flag range, sellers might strengthen their control over the asset.
