Cryptocurrency Weekly Overview - November 8, 2024
Cryptocurrency Weekly Overview – Trump’s Victory and Republican Majority in the Senate Are an "Historic Achievement" for U.S. Crypto Regulations
Trump’s victory, combined with the Republican control of the majority in the U.S. Senate, represents an “historic achievement” for U.S. cryptocurrency regulations, said Anastasia Plotnikova, CEO and co-founder of Fideum, a firm focused on regulatory compliance and blockchain infrastructure for institutions.
Plotnikova told Cointelegraph:
“This opens the path to aligned cryptocurrency regulations that will foster innovation, increase competition, and motivate the return of talent. The U.S. crypto industry has been working towards this for years, and I eagerly anticipate the implementation of these changes.”
Bitcoin Reaches Nearly $77,000 The surge occurred on the day when Bitcoin once again hit record highs, reaching $76,943, according to CoinMarketCap data.
Inflows into IBIT accounted for nearly 82% of the total inflows generated by 11 spot Bitcoin ETFs listed in the United States that day, which totaled $1.34 billion.
The Fidelity Wise Origin Bitcoin Fund recorded the second-largest inflow with $190.9 million, while the ARK 21Shares Bitcoin ETF (ARKB) saw an inflow of $17.6 million.
Several traders expect even larger inflows in the coming days
"Expect another massive day tomorrow," said crypto trader The Bitcoin Therapist to his 141,400 followers on X.
Financial analyst Rajat Soni shared the news with his 100,400 followers on X, with the comment, "Get ready."
"Welcome to PumpVember," added crypto commentator Zia ul Haque.
BTC investors inject $1.1 billion into BlackRock ETF as Bitcoin hits new record
BlackRock's Spot Bitcoin ETF surpassed $1 billion in daily inflows for the first time since its launch in January. The world’s largest asset manager, BlackRock, gathered over $1 billion in inflows for its Bitcoin ETF during a record trading day, as Bitcoin continued to break historic highs.
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On November 7, BlackRock's Spot Bitcoin ETF (IBIT) recorded an inflow of $1.1 billion, reversing the trend after two consecutive days of outflows totaling $113.3 million, according to Farside data.
Trump’s presidency could bring SEC reforms and crypto-friendly regulations
Donald Trump’s administration could lead to a less restrictive SEC chair and more transparent cryptocurrency regulations.
Trump’s presidency may bring more favorable crypto regulations for the world’s largest economy.
The crypto industry celebrated after Trump’s victory in the U.S. elections on November 6, as the Republican win fueled expectations of more favorable crypto policies in the next four years leading up to 2028.
The Republican win could also lead to reforms in the U.S. Securities and Exchange Commission (SEC), said Steve Milton, CEO of the decentralized finance (DeFi) app Fintopio and former global VP of marketing and communications at Binance. Milton told Cointelegraph:
“With Trump’s presidential campaign, we could see the SEC offering less resistance, which could lead to a different regulatory environment in the U.S. and across other banking sectors.”
A reformed SEC could potentially replace current Chairman Gary Gensler with a crypto-friendly candidate, such as Den Gallagher, Chief Legal Counsel at Robinhood.
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