During Monday’s US trading hours, the crypto market continued to rally, fueled by Donald Trump’s recent electoral victory. $Bitcoin (BTC.CC)$ began its ascent over the weekend and gained further traction throughout the week, breaking several significant psychological thresholds and briefly topping $89,000.
All major cryptocurrencies saw a uniform surge. $Ethereum (ETH.CC)$ boasted a 7-day cumulative increase of approximately 40%, markedly outperforming Bitcoin’s 31%.
Supported by endorsements from Elon Musk, $Dogecoin (DOGE.CC)$ ’s value doubled within a week.
As optimism grows following Trump's election, Bitcoin futures premiums have surged. Data from derivatives exchange Deribit shows that wagers exceeding $2.8 billion were placed on Bitcoin surpassing the $90,000 mark.
On the same day, prominent Bitcoin stakeholder $MicroStrategy (MSTR.US)$ announced a substantial acquisition of approximately 0.0272 million bitcoins for around $2.03 billion, marking its largest purchase since December 2020.
In their third-quarter report on October 30, MicroStrategy introduced their "21/21 plan," aiming to secure $42 billion through $21 billion in equity and $210 billion in debt over the next three years to further invest in Bitcoin.
During regular trading hours on Monday, $iShares Bitcoin Trust (IBIT.US)$ surpassed $Gold Trust Ishares (IAU.US)$ in managed assets. Although IBIT's current management scale is still about $30 billion shy of the world’s largest gold ETF, $SPDR Gold ETF (GLD.US)$, its overtaking of IAU marks a significant milestone.
According to FactSet, IBIT received approximately $1 billion in inflows last week alone, accumulating a total of $27 billion since its January launch. The recent spike in Bitcoin’s price is expected to push the ETF's asset management scale above $30 billion.
By last Friday, IBIT managed assets worth $34.3 billion, slightly ahead of IAU’s nearly $33 billion.
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Comment(2)
Trump trade wars will force feds to ease up on rate cuts looking like crypto is getting into a bubble market dynamics says it should be selling off with bonds and dollar rising consistently and with both having considerable gains all commodities are selling... Bitcoin isn't.. because the gurus are pimps who claimed all year Bitcoin was hitting 100K every month this year are pushing the bullshit even harder. if they can't sell Bitcoin to you in the news like it's a must have then it doesn't work it starts selling hence the constant hype and propaganda surrounding such a trashy asset
$Bitcoin (BTC.CC)$ Trump trade wars will force feds to ease up on rate cuts looking like crypto is getting into a bubble market dynamics says it should be selling off with bonds and dollar rising consistently and with both having considerable gains all commodities are selling... Bitcoin isn't.. because the gurus are pimps who claimed all year Bitcoin was hitting 100K every month this year are pushing the bullshit even harder. if they can't sell Bitcoin to you in the news like it's a must have then it doesn't work it starts selling hence the constant hype and propaganda surrounding such a trashy asset.
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