On Thursday (November 7), Bitcoin fluctuated around the $75,700 level, briefly reaching a new all-time high of $76,400 in the early Asian session. After Donald Trump's election victory announcement, the Blackrock Bitcoin Spot ETF (IBIT) saw its trading volume surge to $1 billion in the first 20 minutes of trading, setting a new record. Billionaire Elon Musk's net worth increased by $20.9 billion, making him the world's richest person.
Wall Street Frenzy: Investors Frantically Buy Bitcoin Spot ETF, Blackrock Sets Trading Record
In his speech on Wednesday, Trump announced that he had won the 2024 presidential election, defeating his opponent Kamala Harris. Fox News' vote count showed that he had surpassed the 270-vote threshold for victory. Bloomberg reported that he won the battleground states of Pennsylvania, Wisconsin, and Michigan. The Republican Party controls the Senate; the fate of the House of Representatives remains undecided.
Bloomberg senior ETF analyst Eric Balchunas said that on the day after Trump's victory in the US presidential election, the Blackrock Bitcoin Spot ETF saw its trading volume surge to $1 billion in the first 20 minutes of trading.
"IBIT had $1 billion in trading volume in the first 20 minutes, which is about its entire day's trading volume," Balchunas tweeted on Wednesday. "Other Bitcoin spot ETFs are facing the same situation, with trading volumes going crazy and likely to set volume records."
Trump's victory is widely seen as a huge boon for the cryptocurrency industry, as the billionaire real estate mogul-turned-politician expressed support for cryptocurrencies before the election. In contrast, Harris has shown little interest in accepting cryptocurrencies like Bitcoin.
According to Block Data Dashboard data, the Blackrock Bitcoin Spot ETF has about $30 billion in assets under management, 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 fire SEC chairman Gary Gensler.
Musk's Net Worth Increases by $20.9 Billion, Solidifying His Position as the World's Richest Person
After Trump, whom Musk supports, won the US presidential election, Tesla surged 14.75% on Wednesday US time. According to Forbes' billionaire rankings, Tesla's surge has increased Musk's net worth by $20.9 billion in a single day, bringing his total assets to $285.6 billion, far surpassing the second-richest person in the world, Jeff Bezos.
Musk tweeted, "The government is about to undergo a major overhaul to end the bureaucracy that hinders progress, the crazy deficit spending, and restore personal freedoms to the people."
Tether Moves: 2 Billion USDT Shifted to Ethereum
Stablecoin issuer Tether has announced that it will coordinate with a well-known third-party exchange to convert some of its USDT held in cold wallets on different blockchains to USDT on the Ethereum blockchain. During this process, the total supply of USDT will remain unchanged.
The specific allocation is as follows (subject to change): 1 billion USDT from the TRON chain, 600 million USDT from the AVAX chain, 300 million USDT from the NEAR chain, 75 million USDT from the CELO chain, and 60 million USDT from the EOS chain will all be converted to USDT on the Ethereum blockchain.
Bitcoin Technical Analysis
CoinGape states that over the past eight months, Bitcoin price predictions have been range-bound, struggling to break above the $73,800 level. This sideways consolidation on the daily chart indicates the formation of a well-known bullish continuation pattern, the "flag".
The past two months have been very favorable for Bitcoin price predictions, as the asset has risen from $53,730 to $74,000, a 60% increase. The rebound has broken through the pattern's key resistance, providing technical support for a potential upside.
If the pattern is confirmed, Bitcoin price predictions could rise another 35% to reach $100,000.
However, if the breakout fails and Bitcoin price collapses within the flag range, sellers may gain more control over the asset.
