Bitcoin Soars to Record High Amid Trump’s Crypto Plans
Bitcoin has surged to a fresh record high, reaching nearly $94,836.1 earlier in the day, with its value rising 0.1% to $93,730 ¹. This significant jump is largely attributed to President-elect Donald Trump’s victory in the 2024 presidential election and his plans to make the United States the crypto capital of the world.
Trump’s Crypto Ambitions
Trump’s team is reportedly considering the creation of a new White House role dedicated to cryptocurrency policy, with candidates being vetted for the position ¹. This move is seen as a follow-up to Trump’s promise to make the US a hub for cryptocurrency. The president-elect is set to take office in about two months, and the crypto community is eagerly awaiting details on his policies.
MicroStrategy’s Multi-Billion Dollar Investment
MicroStrategy Incorporated, the world’s largest corporate holder of Bitcoin, has purchased a record-breaking $4.6 billion worth of the coin in the past week ¹. CEO Michael Saylor has indicated that the company will continue to buy more coins, issuing more debt to fund its purchases.
ETF Options Launch Boosts Bitcoin
The launch of options trading for BlackRock’s iShares Bitcoin Trust has contributed to Bitcoin’s surge ¹. The trust generated nearly $1.9 billion in notional exposure on its first day, with 354,000 contracts traded.
Mixed Fortunes for Altcoins
While Bitcoin has reached new heights, other cryptocurrencies have experienced mixed fortunes. Ether fell 1.3% to $3,040.31, while XRP and MATIC dropped 1.6% and 1.4%, respectively. In contrast, ADA surged over 6% ¹.
Market Sentiment
Investors are cautiously awaiting earnings reports from NVIDIA Corporation, due later today. The broader crypto market has advanced, tracking Bitcoin’s record-breaking jump ¹. However, risk appetite in stock markets has faltered.
Current Bitcoin Stats
As of today, Bitcoin’s current price is $94,372, with a market capitalization of $1.87 trillion ¹. Its daily trading volume is $76.17 billion, with a circulating supply of 19.78 million coins.
