Bitcoin's value increased on Tuesday, maintaining its proximity to recent record highs following MicroStrategy's announcement of additional Bitcoin purchases.
The anticipation of more favorable cryptocurrency regulations under a second Donald Trump presidency, after his November election victory, continues to bolster crypto prices.
Bitcoin's value rose by 0.8%, reaching $91,359.6 by 00:30 ET (05:30 GMT). The world's largest cryptocurrency achieved a record high of $93,226.6 last week.
MicroStrategy Incorporated (NASDAQ:MSTR) revealed on Monday that it had acquired approximately 51,780 Bitcoin in the past week, spending roughly $4.6 billion in cash at an average price of $88,627 per coin.
This purchase represents the company's largest acquisition of the cryptocurrency to date, solidifying its position as the world's largest corporate Bitcoin holder. The company now possesses a total of 331,200 Bitcoin and has indicated plans for further acquisitions in the coming years.
The firm's shares, closely linked to Bitcoin prices, surged nearly 13% to a record high following the disclosure on Monday. MicroStrategy's shares have also experienced significant growth since Trump's election victory in November.
Led by Bitcoin advocate Michael Saylor, the firm has consistently assumed new debt over the past three years to expand its Bitcoin holdings. Saylor has also reiterated plans to introduce additional debt offerings in the future to acquire more Bitcoin.
While Bitcoin remains largely optimistic, broader cryptocurrency prices appear to be cooling as initial enthusiasm surrounding Trump's election wanes, and investors await specifics about his administration's stance on cryptocurrencies.
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