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- 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
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.