Joe McCann was sitting in his Miami condo, eyes glued to screens flashing with bitcoin trades as the American election results rolled in. “When the first polls closed, we started to see massive U.S.
buying and it just hasn’t stopped since,” said McCann, founder of crypto-focused hedge fund Asymmetric. “The sentiment in the crypto community is a form of elation at this point.” Indeed bitcoin BTC= has skyrocketed over 32% since Nov.
5 to an all time high of more than $91,000 dollars as traders bet President-elect Donald Trump’s promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months. On Binance, the world’s biggest crypto exchange, the average bitcoin daily trading volume from Nov. 6 to Nov.
13 jumped to about $493 million, nearly double the year’s average of around $252 million, as per crypto data provider Kaiko. Volumes on Coinbase COIN.O were triple the year’s average during the same period, averaging over $108 million per day.
Meanwhile, U.S.-listed exchange-traded funds tracking the spot price of bitcoin, products favored by institutional investors, notched their biggest daily net inflows on record of $1.
43 billion dollars on Nov. 7, according to CoinShares. Yet many market players cautioned that investors could get burned by profit-taking and market pullbacks in the coming weeks, with Coinglass’ bitcoin “fear and greed” index – a measure of market se.