With Donald Trump’s presidential victory and Republicans’ likely control of the Senate, Bitcoin surpassed its all-time high on election night alongside a soaring digital asset market and crypto stocks such as Coinbase and MicroStrategy. The market is optimistic about a pro-crypto shift as Trump has previously pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of Bitcoin. He also expressed intentions to remove SEC Chair Gary Gensler, who is believed to have an anti-crypto stance, from his position. As such, BlackRock’s IBIT spot Bitcoin ETF experienced heightened trading volumes of $1 billion in the first twenty minutes of trading the day after Donald Trump won the U.S. presidential election.
