Reported by CoinWorld:
On Thursday (November 7th), Bitcoin fluctuated around the $75,700 level, briefly hitting a new all-time high of $76,400 during the early hours of the Asian session. Following Donald Trump’s announcement of his election victory, the BlackRock Bitcoin Spot ETF (IBIT) saw its trading volume surge to $1 billion within 20 minutes of market opening, successfully setting a new record. Billionaire Elon Musk’s net worth increased by $20.9 billion, solidifying his position as the world’s richest person.
Wall Street Frenzy: Investors Rush to Buy Bitcoin Spot ETF, BlackRock Sets Trading Record
In a speech on Wednesday, Trump announced his victory in the 2024 presidential election, defeating his opponent Kamala Harris. According to Fox News’ tally, he surpassed the 270-vote victory threshold. Bloomberg reported that he won key battleground states such as Pennsylvania, Wisconsin, and Michigan. The Republican Party controls the Senate; the fate of the House of Representatives remains uncertain.
Bloomberg’s senior ETF analyst Eric Balchunas stated that the day after Trump’s victory in the U.S. presidential election, the trading volume of BlackRock’s Bitcoin Spot ETF soared to $1 billion within the first 20 minutes of trading.
“IBIT’s trading volume reached $1 billion in the first 20 minutes, which is almost its entire day’s volume,” Balchunas posted on Twitter on Wednesday. “Other Bitcoin spot ETFs are facing similar conditions, with trading volumes skyrocketing, likely setting new volume records.”
Trump’s victory is widely seen as a major boon for the cryptocurrency industry. The billionaire real estate mogul turned politician had expressed a supportive stance towards cryptocurrencies before the election. In contrast, Harris showed little interest in embracing cryptocurrencies like Bitcoin.
According to Block Data Dashboard, the BlackRock Bitcoin Spot ETF manages approximately $30 billion in assets, 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 U.S. SEC Chairman Gary Gensler.
Musk’s Net Worth Grows by $20.9 Billion, Remains World’s Richest Person
After Trump, whom Musk supported, won the U.S. presidential election, Tesla closed up 14.75% on Wednesday, U.S. time.
According to Forbes’ billionaire rankings, Tesla’s surge increased the net worth of the company’s founder and CEO, Musk, by $20.9 billion 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 complete overhaul to end the bureaucratic systems hindering development, reckless deficit spending, and return personal freedoms to the people.”
Tether Movement: $2 Billion USDT Funds Shift to Ethereum
Stablecoin issuer Tether announced that it would coordinate with a third-party well-known exchange to conduct on-chain conversions, converting part of its USDT cold wallets from different blockchains to USDT on Ethereum. 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 all be converted to USDT on the Ethereum chain.
Bitcoin Technical Analysis
CoinGape reports that for the past eight months, Bitcoin price predictions have been in a horizontal consolidation, struggling to break through the $73,800 threshold. This consolidation on the daily chart indicates the formation of a well-known bullish continuation pattern known as a “flag.”
The past two months have been favorable for Bitcoin price predictions as the asset rose from $53,730 to $74,000, a 60% increase. The rebound broke through the pattern’s key resistance level, providing technical support for potential further gains.
If the pattern holds, Bitcoin price predictions may once again rise by 35%, reaching $100,000.
However, if the breakout fails and Bitcoin prices plummet within the flag range, sellers may strengthen their control over the asset.
