Galaxy Digital, a leading cryptocurrency firm, has reported its largest trading day of the year, coinciding with US President-elect Donald Trump’s victory in the presidential race. The company posted a net loss of $54 million for the third quarter.
According to Michael Novogratz, Galaxy’s billionaire founder and a Kamala Harris supporter, interest in cryptocurrencies surged following Trump’s win. This surge was driven by increased trading activity, including lending and derivative transactions with counterparties globally.
Novogratz expressed his surprise at the strong response, stating that it felt like an “affirmation of everything we’ve been working for.” The sudden increase in crypto trading highlights the significant role cryptocurrencies play in the market, even amidst political uncertainty.
Source: https://www.bloomberg.com/news/articles/2024-11-07/novogratz-says-galaxy-registers-biggest-trading-day-of-the-year-as-trump-wins