With Trump's victory in the presidential election last week, market expectations for the crypto policy promised by Trump before the election have surged, leading to a bitcoin frenzy. BTC skyrocketed from $66,822 on election day to over $22,000 in just one week, hitting a new historical high of $89,575 this morning (12th), currently reported at $88,604, with nearly an 8.8% surge in the last 24 hours.#btc7772
Bitcoin has surpassed silver, becoming the 8th largest asset by market cap globally.
Notably, according to CoinMarketCap data, bitcoin's market capitalization reached $1.77 trillion this morning, currently still at $1.736 trillion, surpassing silver's market cap of $1.732 trillion, jumping to become the 8th largest asset by market cap globally.
Bitcoin spot ETF may surpass gold ETF in January next year.
Investor enthusiasm for bitcoin is also reflected in the bitcoin spot ETF and bitcoin-related stocks such as Microstrategy and Coinbase.
The overall assets under management (AUM) of U.S. bitcoin spot ETFs have now reached $84 billion, which is two-thirds of the asset size of gold ETFs. It is predicted that the asset size of bitcoin ETFs may surpass gold ETFs around the one-year anniversary of their listing in January next year.
Bitcoin ETF, Coinbase, and Microstrategy trading volume hit all-time highs.
Balchunas continued to point out that the bitcoin frenzy has also swept the stock market, as Coinbase and Microstrategy both made it into the top 5 stocks by current trading volume. COIN surged 19.76% to close at $324.24 on Monday, and Microstrategy's MSTR skyrocketed 25.74%, closing at $340, with an after-hours increase of over 5%, pushing the stock price above $358.
Additionally, BlackRock's bitcoin spot ETF 'IBIT' also reached a trading volume of $450 million, closing up 13.46%.
Interestingly, the so-called seven tech giants performed poorly. Apple (AAPL), Nvidia (NVDA), Amazon (AMZN), Microsoft (MSFT), and META all closed lower on Monday, while Google's parent company Alphabet (GOOGL) saw a slight increase. Tesla (TSLA), owned by Trump's strongest supporter Musk, which holds 9,720 BTC, saw a nearly 9% increase on Monday.
Meanwhile, gold spot prices have dropped nearly 4.5% since the U.S. election, indicating a trend of tech stocks and gold shifting towards cryptocurrencies.
With Trump's victory in the presidential election last week, market expectations for the crypto policy promised by Trump before the election have surged, leading to a bitcoin frenzy. BTC skyrocketed from $66,822 on election day to over $22,000 in just one week, hitting a new historical high of $89,575 this morning (12th), currently reported at $88,604, with nearly an 8.8% surge in the last 24 hours.
Bitcoin has surpassed silver, becoming the 8th largest asset by market cap globally.
Notably, according to CoinMarketCap data, bitcoin's market capitalization reached $1.77 trillion this morning, currently still at $1.736 trillion, surpassing silver's market cap of $1.732 trillion, jumping to become the 8th largest asset by market cap globally.
Bitcoin spot ETF may surpass gold ETF in January next year.
Investor enthusiasm for bitcoin is also reflected in the bitcoin spot ETF and bitcoin-related stocks such as Microstrategy and Coinbase.
The overall assets under management (AUM) of U.S. bitcoin spot ETFs have now reached $84 billion, which is two-thirds of the asset size of gold ETFs. It is predicted that the asset size of bitcoin ETFs may surpass gold ETFs around the one-year anniversary of their listing in January next year.
Bitcoin ETF, Coinbase, and Microstrategy trading volume hit all-time highs.
Balchunas continued to point out that the bitcoin frenzy has also swept the stock market, as Coinbase and Microstrategy both made it into the top 5 stocks by current trading volume. COIN surged 19.76% to close at $324.24 on Monday, and Microstrategy's MSTR skyrocketed 25.74%, closing at $340, with an after-hours increase of over 5%, pushing the stock price above $358.
Additionally, BlackRock's bitcoin spot ETF 'IBIT' also reached a trading volume of $450 million, closing up 13.46%.
Interestingly, the so-called seven tech giants performed poorly. Apple (AAPL), Nvidia (NVDA), Amazon (AMZN), Microsoft (MSFT), and META all closed lower on Monday, while Google's parent company Alphabet (GOOGL) saw a slight increase. Tesla (TSLA), owned by Trump's strongest supporter Musk, which holds 9,720 BTC, saw a nearly 9% increase on Monday.
Meanwhile, gold spot prices have dropped nearly 4.5% since the U.S. election, indicating a trend of tech stocks and gold shifting towards cryptocurrencies.
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