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BlackRock’s Bitcoin ETF Sees $1B Volume in 20 Minutes After Trump Secures US Election

The iShares Bitcoin Trust (IBIT), the spot Bitcoin ETF, the world’s largest asset manager BlackRock launched earlier this year, has seen $1 billion in trading volume in the first 20 minutes of trading.

According to Bloomberg’s senior ETF analyst Eric Balchunas, IBIT’s $1 billion trading volume in 20 minutes is “about what it does in a full day,” and other spot Bitcoin ETFs also saw “crazy volume” after Republican candidate Donald Trump secured the US presidential elections to become the country’s 47th president.

Behind the explosive Bitcoin ETF trading volume is Bitcoin’s astounding price performance. The cryptocurrency surged around 7.65% over the last 24-hour period to now trade at $74,700, down from a new $75,392.26 all-time high seen overnight.

The new all-time high was reached as the former president’s lead in the Electoral College solidified and before mainstream news outlets declared the election in favor of Donald Trump.

BTCUSD Chart via TradingView

Bitcoin’s price is surging on Trump winning the US elections as during his campaign, the Republican candidate shifted from skepticism to a strong pro-crypto position, and pledged to help make the country the “crypto capital of the planet.”

Trump’s pro-crypto stance boosts Bitcoin ETF volumes

At a Bitcoin conference, Trump suggested he would fire the current Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, who has been leading a crackdown on the crypto industry and has been accused of “regulation by enforcement.”

The soon-to-be president also proposed the creation of a “strategic” Bitcoin reserve for the country, suggesting it could soon hold BTCs on its treasury. These moves could both help the cryptocurrency industry thrive and reduce available coins on the market, leading to potential price rises if demand remains stagnant or grows.

Trump’s economic policies, which include proposed tax cuts and tariffs on foreign goods, have been criticized by some economists for supposedly having the potential to drive up the country’s debt and halt economic growth. Bitcoin investments may also be surging as a hedge against potential future turbulence.

It’s worth pointing out that Bitcoin’s price is known to rally after the US presidential elections, as these fall on years in which the cryptocurrency undergoes a halving event. A BTC halving sees the network slash the Coinbase rewards miners receive per block found in half, effectively hampering the supply entering the market.

Data shows that on US election years, Bitcoin’s 90-day returns were 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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