On Tuesday (November 19), the price of Bitcoin (BTC-USD) rose to an all-time high, trading above $93,900, marking the continuation of the cryptocurrency's rally after the election.
As of this writing, Bitcoin is currently priced at $92,190.01.
Last week, Bitcoin prices first broke through the $80,000 and $90,000 thresholds. As a key component of the 'Trump trade,' Bitcoin has benefited from the pro-cryptocurrency policies pledged by President-elect Donald Trump, including plans to establish a national Bitcoin reserve.
ETF Inflows Surge
Recent inflows into Bitcoin spot ETFs have also attracted significant capital. According to Yahoo Finance, following Trump's victory on November 5, assets in BlackRock's Bitcoin spot ETF (IBIT) increased by $13 billion, pushing the iShares Bitcoin Trust's assets to over $40 billion just 10 months after its launch.
Options related to IBIT began trading on Nasdaq on Tuesday, further driving trading activity in the cryptocurrency sector.
Industry Mergers and Stock Market Performance
The further rise in Bitcoin prices was also influenced by a Financial Times report. It stated that Trump Media & Technology Group (DJT) is in advanced talks with cryptocurrency trading firm Bakkt (BKKT) to acquire the company. This move could further drive policy and industry developments in the sector.
Cryptocurrency-related stocks also benefited from the recent market rebound. For example, trading platforms Coinbase (COIN) and Robinhood (HOOD) rose 65% and 42%, respectively, over the past 10 days.
MicroStrategy Increases Bitcoin Investment
MicroStrategy (MSTR), seen as a proxy for Bitcoin, hit an all-time high on Tuesday. The business intelligence and software company added 52,000 Bitcoins in the past week, its largest purchase to date. Since the beginning of this year, MicroStrategy's stock price has risen by 500%.
