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Trump’s win sparked a surge of interest in crypto, Galaxy’s CEO reportedly said.
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Galaxy Digital, a cryptocurrency trading firm, clocked the biggest trading day of the year on Nov. 5 as Donald Trump’s victory in the United States presidential race sparked a surge of interest in crypto, Bloomberg reported on Nov. 7.
“[O]ur franchise was operating at full boar — trading with counterparties both in the US and abroad, lending, the derivative desk,” Michael Novogratz, Galaxy’s CEO, reportedly told Bloomberg.
“It really felt like an affirmation of everything we’ve been working for,” Novogratz said.
Novogratz’s net worth surged about 15%, or by around $600 million, to $4.6 billion on Nov. 5, according to the Bloomberg Billionaires Index.
Source: Bloomberg
Related: The influence of the 2024 US elections on the crypto market: Report
The crypto market surged following Trump’s victory in the US presidential election, as many believe his win will have a significant impact on the industry, Cointelegraph Research said.
Bitcoin (BTC) rose to a peak of $76,500 the day after the election on Nov. 6 as traders rode a wave of wider market optimism.
In a Nov. 6 post to X, Bloomberg ETF analyst Eric Balchunas said iShares Bitcoin Trust (IBIT) saw its “biggest volume day ever” on Nov. 6, with over $4.1 billion in daily trading volume.
Meanwhile, ETH prices spiked 10% and US spot Ether exchange-traded funds (ETFs) saw net inflows of $52.3 million, the highest in six weeks.
US crypto stocks also saw on massive gains — most at double-digits — after a Trump’s sweeping win.
Bitcoin’s nearly eight months of “re-accumulation” after March’s old all-time highs may now fuel a raging bull run, Rekt Capital suggests.
“Once again, the rules are that a Weekly Candle Close above ~$71500 would kickstart the breakout from the Re-Accumulation Range,” Rekt Capital said.
“I didn’t publicly support Donald Trump as President,” Novogratz reportedly told Bloomberg. “I was actually on the other side. But I was always pro-crypto and I thought, let’s do the best we can to have a bipartisan agreement.”
Magazine: Saylor falls for fake Trump news, Kraken restructures, and more: Hodler’s Digest, Oct. 27–Nov. 2
This article first appeared at Cointelegraph.com News
