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Witness history! Bitcoin breaks through $89,000, cryptos concept stocks soar across the board.
Digital currencies started to surge fiercely over the weekend and continued to accelerate on Monday. The top digital currencies by market cap all skyrocketed. Ethereum and Solana both saw a cumulative increase of about 40% in the past 7 days, higher than Bitcoin's 31%. Dogecoin, supported by Musk, doubled in value over the week. Major Bitcoin holder MicroStrategy stated that it spent approximately $2.03 billion to buy around 0.0272 million bitcoins, marking the largest purchase since December 2020. Blackrock's Bitcoin ETF IBIT has an asset under management exceeding one of the largest gold ETFs, IAU.
Across the board breakthrough! Last night, these four numbers interpreted the "Trump trade".
1) 350, 6000, 44000, 88000 - Do you know the meaning of these series of numbers? 2) They represent the integer positions reached by Tesla, s&p 500 index, Dow Jones, and Bitcoin respectively yesterday's breakthrough.
The US dollar, bitcoin, and Tesla are surging! Investors are all in on the 'Trump trade'.
The 'Trump trade' is causing a new wave, the dollar hitting a more than four-month high, non-US currencies under pressure; Bitcoin is unstoppable, aiming for the milestone of 0.1 million US dollars before the end of the year; Tesla, since the election day, has seen an almost absurdly large rebound of 39%.
"Trump 2.0", why is bitcoin skyrocketing while gold is plummeting.
Analysis suggests that 'Trump 2.0' may lean towards a 'small government' ideology, reducing government intervention and avoiding expansionary fiscal expenditures, which is bullish for bitcoin as a 'decentralized' asset. This cautious fiscal style also suppresses the safe-haven properties of gold, weakening its attractiveness as a hedge asset.
Bitcoin's surge has driven the total market value of cryptocurrencies to surpass the high point during the epidemic.
The record-breaking surge of bitcoin has pushed the price of this digital asset above $0.089 million and has propelled the total market value of the crypto market to over $3 trillion, surpassing the peak during the pandemic, with traders betting that elected President Trump will support the prosperity of cryptocurrencies.
Express News | Trump is looking for candidates to support cryptos for financial institutions.