Galaxy Digital will cover the biggest business day of the year in the United States on Election Day: report
Donald Trump's victory in the US presidential race has boosted interest in crypto, giving Galaxy Digital its biggest trading day of the year on Nov. 5, Bloomberg reported on Nov. 7.
“[O]UR Franchise was doing the whole hog — trading with partners in the U.S. and abroad, the lender, the origination desk,” Galaxy CEO Michael Novogratz is reported to have told Bloomberg.
“It really felt like a vindication of everything we've been working toward,” Novogratz said.
Novogratz's net worth rose about 15%, or about $600 million, to $4.6 billion as of Nov. 5, according to the Bloomberg Billionaires Index.
Mike Novogratz Net Worth Source: Bloomberg
Related: Impact of 2024 US Elections on Crypto Market: Report
Crypto markets surged following Trump's victory in the US presidential election, as many believe his victory will have a major impact on the industry, according to a Cointelegraph survey.
On November 6, the day after the election, Bitcoin (BTC) rose to $76,500 as traders pushed for broad market optimism.
In a Nov. 6 post for X, Bloomberg ETF analyst Eric Balchunas said the iShares Bitcoin Trust (IBIT) saw its “biggest volume day” on the same day, with more than $4.1 billion in daily trading volume.
Meanwhile, Ether (ETH) prices rose 10 percent, and US spot Ether Exchange-Traded Funds (ETFs) saw net inflows of $52.3 million, the highest in six weeks.
U.S. crypto stocks made huge gains after Trump's resounding victory — most by double digits.
Bitcoin's nearly eight-month “regroup” after March's old all-time highs could now fuel a massive bull run, Rect Capital suggests.
“Again, the weekly candle closing above ~$71500 will initiate a breakout from the rally zone,” Rect Capital said.
“I have not publicly endorsed Donald Trump as president,” Novogratz told Bloomberg. “Of course I was on the other side. But I was always pro-Crito and I thought we should do everything we could to have a bipartisan deal.”
Magazine: Saylor falls for fake Trump news, Kraken restructuring and more: Hodler's Digest, Oct. 27–Nov. 2
