Bitcoin surged to a record high, trading above $93,800 per token on Tuesday, as President-elect Donald Trump’s crypto-friendly policies resumed. The cryptocurrency jumped north of $80,000 and then $90,000 for the first time last week.
The “Trump trade” has seen Bitcoin become a key component of investors’ strategies, with promises of crypto-friendly policies, including a potential national bitcoin stockpile. This has led to massive inflows in Bitcoin spot ETFs, such as BlackRock’s IBIT, which saw its assets rise by $13 billion following Trump’s win.
The move higher also comes on the heels of a report stating that Trump Media & Technology Group is in advanced talks to acquire Bakkt, a crypto trading company. This tie-up could further encourage initiatives within the sector. Crypto-related stocks like Coinbase and Robinhood have benefited from the recent rally, gaining 65% and 42% over the past 10 days.
Additionally, business intelligence and software company MicroStrategy touched new record highs on Tuesday after adding 52,000 tokens to its portfolio, its largest purchase yet. The company is up 500% year-to-date.
Source: https://finance.yahoo.com/news/bitcoin-hits-record-high-above-93800-as-trump-rally-resumes-193150838.html