Bitcoin Hits Record Highs as Post-Election Rally Resumes

Bitcoin Surges to Over $93,800

Bitcoin reached a new all-time high on Tuesday, trading above $93,800 per token, continuing its upward momentum following the recent election.

Steady Weekend Trading Around $91,000

After a surge last week that pushed prices above $80,000 and then $90,000, Bitcoin prices remained stable over the weekend around $91,000.

Key Role in the “Trump Trade”

Bitcoin has become a core component of the “Trump trade,” with President-elect Donald Trump pledging to explore crypto-friendly policies, including the establishment of a national stockpile of bitcoins.

Massive Inflows into Bitcoin Spot ETFs

In recent weeks, Bitcoin spot ETFs have experienced significant inflows. BlackRock’s spot bitcoin ETF (IBIT) saw its assets increase by $13 billion after Trump’s victory, surpassing $40 billion in assets just months after its launch.

Expansion of Crypto Trading Activities

Options tied to IBIT started trading on Nasdaq, boosting trading activity in the cryptocurrency sector. Additionally, discussions of Trump Media & Technology Group’s potential acquisition of Bakkt could further drive developments in the industry.

Surge in Crypto-Related Stocks

Companies like Coinbase, Robinhood, and MicroStrategy have seen their stocks soar amid the recent Bitcoin rally, with MicroStrategy recording its highest purchase of tokens and a 500% year-to-date increase.

Industry Analysts’ Perspectives

Ines Ferre lays out the latest trends in the business world, emphasizing the impact of recent events on stock market movements. Follow her on Twitter for more insights on market dynamics.