In a year marked by Bitcoin halving, Bitcoin Exchange-traded funds (ETF) getting approved, and the 2024 US election candidate Donald Trump’s endorsement of the digital asset, Indian crypto industry players are hyped with anticipation of seeing a significant rally in token prices if Trump wins.
In the past month, with Trump’s comments of making US the ‘crypto capital of the planet’, Bitcoin price grew by 12 percent briefly rising to $71,000, its highest since June. Bitcoin ETFs too embraced the on-going volatility of election-driven ‘Trump Trades’. On November 2, ETFs tracking Bitcoin recorded net inflows of $917.2 million, the biggest one-day jump since March.
BlackRock’s iShares Bitcoin Trust ETF, the largest spot bitcoin fund by assets under management, alone pulled in $872 million in net flows, according to media reports.
Indian crypto industry players too, are banking on it and are hopeful for a relatively longer period of Bitcoin and crypto rally if Trump wins.
