Subscribe for notification
Crypto

Bitcoin Frenzy Hits $1B in 25 Minutes for BlackRock ETF

Since the beginning of November and the U.S. elections, billions have been invested in crypto ETFs, prompting Wall Street to pay attention to Bitcoin’s multi-day advance to consecutive new highs

Bitcoin investors traded $1 billion of BlackRock’s IBIT fund within the first 25 minutes of U.S. market trading, continuing a BTC-led trend that has incentivized the deployment of retail and institutional capital.

Bitcoin experienced its most significant weekly and single-day gains in its 15-year history on Tuesday, Nov. 12, following the astonishing figures of Monday, Nov. 11.

This month, the inflows to U.S. spot BTC exchange-traded funds surpassed $1 billion for the second time. By mid-November, the spot BTC ETF group on Wall Street had amassed $90 billion in assets, approximately 10 months after trading commenced.

Bitcoin’s value of $20,000 was attained after nine years. BTC has reached an all-time peak of $89,864 after adding an additional $20,000 in the past seven days, a nearly 24% increase. Despite the fact that some long-term holders recorded profits, the token appeared to be on the brink of a run toward $90,000.

Bitcoin stimulates the cryptocurrency market

Following the U.S. general elections, the crypto market experienced a surge in enthusiasm. It appears that the reputational risks associated with digital assets have been mitigated by the victory of a group of pro-BTC and crypto-friendly politicians, including President-elect Donald Trump.

Alongside Bitcoin’s explosive rally, the entire crypto market experienced a surge. At press time, the total crypto market cap was $3.04 trillion, surpassing the previous high point in 2021, according to data.

BTC was responsible for the majority of the approximately $600 billion in new capital inflows into cryptocurrencies, with altcoins occupying a secondary position.

In the past week, the prices of major altcoins, including Ethereum, Solana, and meme leaders like Dogecoin, have increased by double to triple digits.

However, Altcoin demand was still in its infancy during this bull run, according to experts such as Thomas Perfumo, Kraken’s chief of strategy.

According to comments shared with crypto.news via email, Perfumo posited that the familiar patterns will be exacerbated by the entry of younger investors into the crypto space, the passage of supportive legislation such as Senator Cynthia Lummis’s BTC reserve bill, and the general growth of the blockchain industry.

Hillary Ondulohi

Hillary is a media creator with a background in mechanical engineering. He leverages his technical expertise to craft informative pieces on protechbro.com, making complex concepts accessible to a wider audience.

Disqus Comments Loading...

Recent Posts

AI Data Centers Face Power Crunch in 2027

In the next few years, AI's insatiable need for energy is likely to grow, which could cause data centers to…

21 mins ago

Binance Launchpool Lists USUAL with Pre-Market Trading

The Usual (USUAL) token has been listed on Binance Launchpool, and pre-market trading will commence shortly. Market optimism has been…

31 mins ago

Amazon Expands Telehealth with Low-Cost Plans

Amazon One Medical is adding more telehealth services with the start of low-cost treatment plans and medication delivery for a…

34 mins ago

Franklin Templeton Extends Platform to Ethereum

Franklin Templeton has extended its Benji tokenization platform to the Ethereum network following its previous launches on Aptos, Avalanche, Arbitrum,…

47 mins ago

US PPI Rise 2.4%; Impact on Bitcoin Unclear

Latest data shows US PPI inflation at 2.4%, above forecast, dampening investor sentiment due to its potential impact on the…

1 hour ago

PancakeSwap Launches Telegram Bot for Crypto Trades

DeFi's increasing accessibility is seen by PancakeSwap's new Telegram bot, which allows users to swap over 3,000 tokens from the…

2 hours ago