Bitcoin jumped 10%, reaching $89,575.96, boosting consumer belief in virtual currencies.
MicroStrategy added 27,200 Bitcoins, bringing its assets to $24.5 billion in value.
Trump’s economic plans and the Federal Reserve’s interest reductions are driving crypto trading growth.
BTC surged by over 10% on Monday, crossing the $89K mark and reaching a record level of $89,575.96. This rapid expansion helped push the total market capitalization of digital money above $3.1T for the first time since November 2021. ETH rose by 6.4%, breaking $3,300, and SOL gained 6.7%, surpassing the $220 mark. The overall increase in these digital currencies shows increased shareholder confidence in the crypto economy.
Crypto Shares Reflect Bitcoin’s Growth
As Bitcoin’s valuation crested, related stocks also experienced substantial increases. Canaan Inc. grew by 41%, while MicroStrategy increased 25%. The company also announced an additional purchase of 27,200 Bitcoins, bringing its total ownership to 279,420. These properties are now valued at $24.5 billion. Coinbase saw a 19% increase, and Robinhood climbed by more than 7%, marking a 35% rise in just five days.
https://twitter.com/CryptoPatel/status/1856136397981151470
In addition, Bloomberg reports that Dan Gallagher, the legal chief at Robinhood, is being considered to head the SEC. This likely action has increased investor interest in stocks linked to bitcoin.
Trump’s Economic Plans and Market Reactions
Donald Trump has made several promises to the digital asset community, including plans to build a national crypto stockpile from seized Bitcoin. He has also promised to cut interest rates, which many believe will support the growth of the crypto sector. The Federal Reserve recently approved its second consecutive interest rate cut, and the market responded favorably. Ether gained 30% in the last week, and Solana’s market capitalization passed $100 billion.
BTC continued to climb and reached a new inflation-adjusted high of $80,116, contributing to a 30% increase in the past week. This surge boosted its market capitalization to over $1.75 trillion. As a result, the token now ranks as the eighth-largest global asset, surpassing silver.
The post Bitcoin Hits $89,000 as Crypto Market Crosses $3.1 Trillion appeared first on Crypto News Land.
