The cryptocurrency boom brought on by Trump's election victory continues unabated, with exchange traded funds (ETFs) investing in Bitcoin attracting nearly $10 billion in inflows since the US election.
Bitcoin ETFs launched by fund issuers including BlackRock and Fidelity have attracted net inflows of about $9.9 billion since election Day on November 5, taking the total assets of the class to about $113 billion, according to data compiled by Bloomberg on Monday.
Trump's nomination of cryptocurrency advocate Paul Atkins as chairman of the U.S. Securities and Exchange Commission (SEC) and the creation of the first White House commissioner for artificial intelligence and cryptocurrency shows the next administration's support for digital assets. Atkins is now CEO of Patomak Global Partners, a consulting firm with clients across the financial and cryptocurrency industries.
In this context, the price of bitcoin broke the $100,000 mark for the first time on December 5 after six weeks of continuous gains. This is the longest streak of gains recorded since the cryptocurrency boom in 2021.
However, after breaking through the six-figure mark, the price of Bitcoin experienced a wave of wild volatility, at one point falling to about $92,000, causing some concern about the short-term outlook.
David Lawant, head of research at cryptocurrency brokerage FalconX, said in a note: "Further positive news will be needed for the bitcoin price to stabilize beyond $100,000 on a sustained basis."
Trump was once a critic of cryptocurrencies, but his attitude changed after the industry raised huge amounts of money for his election campaign. He also promised to reverse the Biden administration's skeptical stance on cryptocurrencies, push for regulations that are more favorable to the industry, and even support the creation of a national strategic Bitcoin reserve.
U.S. regulators have approved ETFs based on spot Ethereum, which now number nine funds and have attracted nearly $2 billion in net inflows since Trump's election victory. Ethereum's recent outperformance of Bitcoin has further stimulated the market's interest in cryptocurrency investments.
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