By Shikha Singh
BlackRock’s Bitcoin ETF Clinches Record $4 bn Trading Volume Amid Trump Win.
BlackRock’s iShares Bitcoin Trust (IBIT) set a new record on October 25, 2024, with its highest-ever daily trading volume of $4.1 billion, driven by a surge in Bitcoin prices.
This surge occurred after Donald Trump’s victory in the US presidential race, which has boosted confidence in the cryptocurrency market.
Bitcoin’s price reached a fresh all-time high above $75,000, fueling demand for US-based spot Bitcoin exchange-traded funds (ETFs), with IBIT seeing $1 billion in trading volume within just 20 minutes of market opening.
Crypto Stocks, MicroStrategy, and Tesla Jump Post Trump’s 2024 Victory.
Donald Trump’s victory in the 2024 election sparked a major rally in crypto-related stocks, fueled by expectations of pro-crypto policies.
MicroStrategy saw a 13% increase, Coinbase rose nearly 16%, and Tesla surged 15%, partly due to support for Trump’s proposed Department of Government Efficiency.
Bitcoin miners like CleanSpark, Marathon Digital, and Riot Platforms also saw gains, while BlackRock’s iShares Bitcoin ETF jumped 7%.
Bitcoin itself hit a new all-time high of $75,361, as traders bet on a crypto-friendly regulatory environment. This optimism reflects hopes for a positive shift in policies under Trump, potentially driving further growth in the crypto market through 2025.
Solana Memecoins Hit $12 bn After Overnight 30% Surge.
The Solana-based memecoin market has surged to a record $12 billion market cap, driven by a 30% increase in the past 24 hours.
This rally is fueled by growing investor interest in high-volatility assets like memecoins, particularly amid political uncertainty surrounding the 2024 U.S. presidential election. Memecoins like Peanut the Squirrel, GOAT, POPCAT, dogwifhat (WIF), and Bonk (BONK) have seen significant gains, with WIF rising 13.31% and BONK increasing 16.62%.
Social media engagement and speculative trading are key drivers behind the surge, but the market remains highly volatile and risky.
Solana Dethrones Binance Coin (BNB) as Fourth-Largest Cryptocurrency.
Solana (SOL) has surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization, fueled by a broader market rally that has boosted the global crypto market cap to $2.46 trillion. SOL has surged 14.46% in the last 24 hours, reaching $187.3, with its market cap now at $88 billion. In contrast, Binance Coin (BNB) has seen a more modest 3.8% increase, trading at $582 with a market cap of $83 billion, now ranking fifth.
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