Janice R. Andrews
Bitcoin (BTC-USD) soared to a new all-time high on Tuesday, trading above $93,800 as the cryptocurrency continues its post-election rally. The surge follows promises by President-elect Donald Trump to introduce crypto-friendly policies, including creating a national bitcoin stockpile.
Over the weekend, Bitcoin prices held steady near $91,000 after last week’s meteoric rise that shattered $80,000 and $90,000 thresholds for the first time. The cryptocurrency’s growth has been fueled by significant inflows into Bitcoin spot ETFs, particularly BlackRock’s iShares Bitcoin Trust (IBIT).
IBIT assets grew by $13 billion following Trump’s win on November 5, reaching over $40 billion just 10 months after its launch. Options linked to IBIT also debuted on the Nasdaq, driving further activity in the crypto market.
A Financial Times report revealed that Trump Media & Technology Group is in advanced talks to acquire Bakkt (BKKT), a crypto trading platform. This potential acquisition has boosted investor confidence in the sector, further propelling Bitcoin’s rise.
Crypto-related stocks have also enjoyed remarkable gains. Coinbase (COIN) and Robinhood (HOOD) surged by 65% and 42% over the last 10 days. MicroStrategy (MSTR), often regarded as a Bitcoin proxy, reached record highs after adding 52,000 tokens to its holdings last week. This marks its largest purchase yet, with the company’s shares up 500% year-to-date.
The ongoing rally underscores the growing mainstream acceptance of Bitcoin and its integral role in the evolving financial landscape. Investors remain optimistic about the cryptocurrency’s potential, particularly with pro-crypto policies on the horizon.
