Bitcoin (BTC-USD) jumped to a record high on Tuesday, trading north of $93,800 per token as the cryptocurrency's post-election gains resumed.
Bitcoin (BTC-USD) price hit a record high on Tuesday, continuing its strong rally after the U.S. presidential election.
At last check, the world’s largest cryptocurrency by market cap was trading above $93,800 per token, up 1.7% over the past 24 hours. Bitcoin began the week at around $91,000.
The cryptocurrency saw massive inflows in recent weeks. Yahoo Finance's David Hollerith reported earlier this week that BlackRock’s spot bitcoin ETF (IBIT) saw its assets rise by $13 billion in the wake of Trump's win on Nov. 5, according to Yahoo Finance data. This pushed assets in the iShares Bitcoin Trust past $40 billion just 10 months following its launch.
Meanwhile, Trump-linked Digital World Acquisition Corp (DWAC) is in advanced talks to acquire crypto trading company Bakkt (BKKT), a tie-up which could further encourage initiatives within the sector.
Other crypto-related stocks also saw gains amid the bitcoin rally. Coinbase (COIN) and Robinhood (HOOD) both benefited from the recent rally, gaining 65% and 42% over the past ten days, respectively.
MicroStrategy (MSTR) also touched new record highs on Tuesday.
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