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Cryptocurrency

Galaxy Digital Hits Record Trading Day as Trump’s Election Victory Spurs Crypto Surge

Following Donald Trump’s election victory, Galaxy Digital, a cryptocurrency trading firm, saw its busiest trading day of the year due to increased demand for crypto assets. With Bitcoin and Ethereum reaching new highs, analysts believe Trump’s victory might signal the start of a bullish wave in the crypto market, spurred by rising investor optimism and hopes of crypto-friendly policies.

Galaxy Digital, a renowned cryptocurrency trading firm, recorded its largest trading volumes of the year on November 5 due to increased demand for digital assets following Donald Trump’s victory in the US presidential election. The surprise election result sparked enthusiasm in the cryptocurrency market, with investors predicting that the incoming administration may take a more favorable posture toward digital currencies.

Galaxy Digital CEO Michael Novogratz described an extraordinarily busy day across the company’s trading, lending, and derivatives businesses, with significant demand from both domestic and international clients. The surge in trading activity reflects the increased interest in cryptocurrencies following the election, with many investors seeing opportunities under Trump’s government.

The post-election market boom saw Bitcoin top at $76,500 the day after the election, while Ether, the second-largest cryptocurrency, rose 10%. The iShares Bitcoin Trust (IBIT) also set new trading records, with a daily volume of more than $4.1 billion. Meanwhile, U.S.-based Ether exchange-traded funds (ETFs) saw $52.3 million in inflows, the biggest level in recent weeks.

Beyond digital currencies, U.S. crypto equities rose sharply, with numerous companies reporting double-digit jumps. Market analysts believe that Bitcoin, in a “re-accumulation” phase since March, is poised for a breakthrough, potentially triggering a robust bull market. According to Rekt Capital, a weekly closing above the $71,500 level might signal Bitcoin’s exit from the accumulation phase, perhaps unleashing additional upward momentum.

As cryptocurrency markets respond to political events, the nexus of finance and politics becomes more obvious. Investors are eagerly watching how future regulatory actions under Trump’s leadership would affect the cryptocurrency business. Although Novogratz did not endorse Trump, he highlighted his commitment to bipartisan support for bitcoin and expressed optimism about future balanced and favorable regulation.

The recent election-related increase in Bitcoin and other crypto assets demonstrates the growing influence of political happenings on the digital asset market. Analysts and investors closely link cryptocurrency performance to broader economic and regulatory developments, eagerly anticipating the next significant event that will drive the market’s sustained growth.

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