Bitcoin (BTC-USD) jumped to a record high on Tuesday, trading north of $93,800 per token as the cryptocurrency’s post-election gains resumed.
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 and then $90,000 for the first time.
Bitcoin has been a key component of the “Trump trade,” as president-elect Donald Trump has promised to explore crypto-friendly policies, including the creation of a bitcoin national stockpile.
Bitcoin spot ETFs have also seen massive inflows in recent weeks.
As Yahoo Finance’s David Hollerith reported earlier this week, BlackRock’s spot bitcoin ETF (IBIT) saw its assets rise by $13 billion in the wake of Trump’s win on Nov. 5, according to Yahoo Finance data. This pushed assets in the iShares Bitcoin Trust past $40 billion just 10 months following its launch.
Options tied to IBIT also began trading on the Nasdaq on Tuesday, pushing additional 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 which 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 ten days, respectively.
Bitcoin proxy MicroStrategy (MSTR) touched new 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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