- BlackRock’s Bitcoin ETF (IBIT) saw impressive trading volume, over $1.2 billion in a few hours.
- The broader cryptocurrency market recovered, with top assets like Bitcoin and Ethereum up over 4% in 24 hours.
- News including Donald Trump’s improving poll position and China’s new stimulus program, could have contributed to the market’s growth.
BlackRock’s Bitcoin ETF started the day on a huge forward momentum as the crypto market began the week on a strong note. Up until now, BlackRock’s IBIT saw a trading volume of over $1.2 billion in just a few hours.
This momentum follows through with how the crypto market performed this Monday. As for BlackRock Bitcoin ETF – the asset already ranks up as one of the most traded funds on a 3-month average.
At just 9 months of age, IBIT appears to be consolidating as a success, achieving its mission of providing an accessible way for investors to gain exposure to Bitcoin. Overall, iShares Bitcoin Trust is up by 1.62 points – or 4.52% over the last trading day.
Why Bitcoin is Up Today
The cryptocurrency market as a whole began to recover from early-October losses this Monday. Today, most of the top-10 assets including Bitcoin, Ethereum, BNB, Solana, and Dogecoin are up by over 4% over the last 24 hours.
There were several events that could have led to a larger buying interest in the market. For starters, a recent poll shows that Donald Trump is estimated to be one point closer to Harris in the U.S. Presidential election.
Largely seen as the most “pro-crypto” of the two, the fact that Trump is still in the race could have positively affected the market. In contrast, Harris does not directly oppose the use of cryptocurrencies – but rather campaigns for more regulatory clarity in the market.
Secondly, The Republic of China recently announced a new stimulus program aimed at increasing government spending and debt issuance to make the economy grow at a faster rate. This development comes after consumer prices showed a less-than-stellar growth at 0.4% – the slowest rate in 3 months.
As for the cryptocurrency market, it reacted positively to these developments, contributing to the significant growth observed today
