CandleFocus

What the US election outcome spurred in crypto land  

Author: Content Editor
Since the US presidential election, there have been several bullish happenings in the cryptocurrency industry. Bitcoin (BTC) experienced significant price increases following the election, with a rise of 40% in nine days, marking the largest increase since January 2021. There is hope for the creation of a strategic bitcoin reserve by the US government, with proposed bills and the introduction of similar initiatives at the state level, such as Pennsylvania lawmakers considering keeping BTC on the state's balance sheet. Companies are also following MicroStrategy's lead in buying bitcoin for their treasuries. Demand for US spot bitcoin ETFs has increased, with net inflows of $5 billion after the election. Ether products also saw an uptick in demand, with $796 million in inflows after the election. Additionally, there have been positive regulatory developments, such as Robinhood adding more cryptocurrencies to its platform and the proposal to convert a crypto index fund into an ETF. The potential nomination of a crypto-friendly person to lead the Department of Commerce and speculation about personnel appointments in the cryptocurrency industry are also noteworthy. The future of the industry remains optimistic, with much more to report on.

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