Bitcoin has made headlines by reaching an impressive $89,000 on Monday, following Donald Trump’s recent election win on November 5. This surge represents a remarkable increase of over 21% since the election results were announced. The cryptocurrency has been on a remarkable upward trajectory, adding nearly $20,000 in just a week after dipping to $66,700 on November 6.
Interestingly, while Bitcoin thrives, major tech stocks like Apple, NVIDIA, Amazon, Microsoft, and META are struggling, with most of them seeing declines. Google has managed a slight increase, and Tesla, which holds a significant amount of Bitcoin, has seen a 9.6% rise.
Meanwhile, gold prices have dropped nearly 3%. This shift might indicate a trend where investors are moving their money from tech stocks and gold into cryptocurrencies, especially with Trump’s anticipated return to the White House, where he has expressed support for digital currencies.
Additionally, the iShares Bitcoin Trust ETF (IBIT) experienced a notable $1 billion in trading volume within just the first 35 minutes of its session, as highlighted by Bloomberg analyst Eric Balch.
