The recent surge in Bitcoin’s value, reaching $89,500 on November 11, has led to a historic trading day for cryptocurrencies. The combined daily trading volume of Bitcoin spot exchange-traded funds (ETFs), MicroStrategy Inc (MSTR), and Coinbase Global Inc (COIN) skyrocketed to $38 billion, a significant increase from the previous record of approximately $25 million set in March.
According to Bloomberg ETF analyst Eric Balchunas, this unprecedented trading activity is indicative of robust market interest. Notably, BlackRock’s iShares Bitcoin Trust ETF achieved a staggering $4.5 billion in trading volume, signaling strong inflows and market engagement. Balchunas dubbed this phenomenon "Volmageddon," highlighting the extraordinary scale of the trading activities.
MicroStrategy, known for its substantial Bitcoin holdings, also experienced considerable gains, with its stock rising over 25% to $340, marking its highest value since nearly 25 years ago. The company announced its purchase of an additional 27,200 Bitcoin for approximately $2.03 billion, raising its total holdings to 279,420 Bitcoin.
Coinbase stock surged nearly 20%, closing at $324.2, eclipsing the $300 mark for the first time since 2021. On the trading floor, both MicroStrategy and Coinbase were among the top five most-traded stocks, surpassing household names like Apple and Microsoft.
In the Bitcoin mining sector, companies saw impressive gains, with Marathon Digital Holdings (MARA) stock jumping 29.9% to $25.01, boosting its market capitalization beyond $7 billion. Other mining firms, including CleanSpark and Bitdeer Technologies, also reported over 25% increases in stock value.
The bullish sentiment in the market has been bolstered by political developments, particularly Donald Trump’s recent election win and the success of pro-crypto candidates in Senate and House races. Speculation around Bitcoin potentially becoming a strategic reserve asset for the U.S. has added to the optimistic outlook. Bitcoin activists claim that interest from other countries in adopting Bitcoin as a reserve asset is also growing.
Bitcoin currently trades at $89,500, experiencing an 11% increase within 24 hours.
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