So, What's the Crypto Situation Today? Here Are All the Main Happenings to Know

Major Crypto Developments of the Day: What's in Store for the Market

Crypto news today. BlackRock iShares Bitcoin Trust, tracking the price of Bitcoin, saw its biggest inflow day ever at $1 billion, and Bitcoin set a record. Former Alameda Research CEO Caroline Ellison starts serving her two years in prison as cooperating witness in the current FTX-collapse case. And Coinbase CEO Brian Armstrong is bullish that favorable consequences from Donald Trump's return to power will have positive implications for the space.

Investors drip $1.1B into BlackRock's Bitcoin ETF

Nov 7: More than $1 billion flows into BlackRock's Bitcoin ETF, or IBIT, in a one-day influx so massive it's the biggest on record. IBIT had reported outflows of $113.3 million on two prior days. End.

According to Eric Balchunas, an ETF analyst at Bloomberg, "Told y'all it was probably gonna be big, although even I am surprised it's that big, by far the biggest one-day flow of any BTC ETF ever," he posted on X.

Let's Go to Prison: Caroline Ellison Begins Sentence

Former Alameda Research CEO Caroline Ellison reported to prison on Nov. 7 to serve a two-year sentence. She has been linked to the FTX bankruptcy. The cryptocurrency market is still buzzing about the news. She will most likely report to a federal minimum-security prison in Connecticut and be the third person imprisoned for crimes pertaining to the FTX scandal. Former FTX chief executive Sam Bankman-Fried received a 25-year prison sentence for his role in the FTX scandal.

Coinbase CEO election to usher bright future for crypto following the outcome of the 2024 US Presidential Election. Coinbase's CEO, Brian Armstrong is hopeful that Donald Trump will resume his role in the White House after the outcome of the 2024 US Presidential Election.

With Trump going to regain the presidency and the Republicans winning the Senate, crypto enthusiasts like Armstrong look forward to this turn of events, which means finally there will be a clarity in terms of regulation as well as direction towards more benign policies regarding digital assets. Bitcoin price surged to over $75,000 on Nov. 6, following growing optimism about more friendly overhauls at the Securities and Exchange Commission (SEC) following Trump's declaration that he would replace the SEC Chair Gary Gensler.

According to Armstrong, this election marked a step forward for economic freedom since the people "have expressed their preference" by voting for less government and a free market. "America is going to follow a path toward economic freedom, based on limited government, rule of law, and respecting the free market," Armstrong said.

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