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Cryptocurrency News Articles
Bitcoin (BTC-USD) Jumps to a Record High as Post-Election Gains Resume
Nov 20, 2024 at 03:08 am
Bitcoin prices held steady over the weekend around $91,000 after last week's surge sent prices for the world's largest cryptocurrency above $80,000
Bitcoin (BTC-USD) hit a record high on Tuesday, continuing its strong gains after the U.S. presidential election.
Bitcoin prices rose to $93,877.33 per token as of early morning. The cryptocurrency had hovered around the $91,000 mark over the weekend after last week's rally saw prices for the world's largest cryptocurrency cross $80,000 and then $90,000 for the first time.
Bitcoin has been a key part of the "Trump trade," as President-elect Donald Trump has pledged to look into crypto-friendly policies, including the creation of a bitcoin national stockpile.
Bitcoin spot ETFs have also seen large inflows in recent weeks.
According to Yahoo Finance data, BlackRock’s spot bitcoin ETF (IBIT) saw its assets rise by $13 billion in the wake of Trump's win on Nov. 5, per Yahoo Finance data. This pushed assets in the iShares Bitcoin Trust past $40 billion just 10 months after its launch.
Options tied to IBIT also began trading on the Nasdaq on Tuesday, pushing more trading activity into the crypto space.
The move higher also comes on the heels of a Financial Times report stating that Trump Media & Technology Group (DJT) is in advanced talks to acquire crypto trading company Bakkt (BKKT), a tie-up that could further encourage initiatives within the sector.
Crypto-related stocks like trading platforms Coinbase (COIN) and Robinhood (HOOD) have also benefited from the recent rally, gaining 65% and 42% over the past 10 days, respectively.
Bitcoin proxy MicroStrategy (MSTR) hit fresh record highs on Tuesday.
The business intelligence and software company added 52,000 tokens to its portfolio over the past week — its largest purchase of the cryptocurrency yet. Year to date, MicroStrategy is up 500%.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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