More than a decade since its entry into the financial realm, Bitcoin has hit $94,000 for the first time on CoinGecko, setting a new record-high after just days of consecutively hitting all-time highs.
At one point on Tuesday, the world’s largest cryptocurrency by market capitalization reached $94,040.99 amid a nearly 1% spike in the last 24 hours. The digital coin has since retreated to $92,000, but the crypto community remains ecstatic.
Why is Bitcoin Up Today?
BTC prices are known to react to big news, and on Tuesday, some huge events took place that could have affected the digital currency positively.
- Rumble CEO mulls Bitcoin strategy – Chris Pavlovski, the CEO of online video platform Rumble, hinted Tuesday night that he was considering whether to add BTC to the company’s balance sheet. As of late Tuesday, 93.7% of the people who voted on his poll were in favor of the notion.
- MARA announces $700M notes offering – Digital assets compute leader MARA Holdings announced a proposed private offering of $700 million in convertible senior notes. Proceeds will be used “primarily” to acquire BTC.
- Donald Trump nominates Howard Lutnick for Commerce chief – President-elect Trump has officially announced Cantor Fitzgerald CEO as his pick for U.S. Secretary of Commerce. Lutnick was previously believed to be on Trump’s list of Treasury Secretary picks. He is pro-Bitcoin and Cantor, like MicroStrategy, holds BTC.
$BTC Overtakes Saudi Aramco
Probably the biggest news on Tuesday was Bitcoin’s market cap surpassing the market value of Saudi Aramco, the world’s largest oil producer and one of the long-time profitable companies in the whole world.
The world’s first decentralized digital currency is now moving closer to Amazon, which shares the spotlight with Google parent company Alphabet in the $2 trillion club.
What Caused Bitcoin’s Surge?
Bitcoin’s spike in recent weeks is largely attributed to Trump’s presidential win. During his campaign, Trump spoke positively about the digital asset and the broader crypto space, increasing hopes for better regulations under his government.
The rally may also be linked to continuing interest in spot Bitcoin exchange-traded funds (ETFs). So far on Tuesday, ARK/21Shares’ ARKB logged $267.3 million in inflows and Fidelity’s FBTC hauled in $256.1 million, as per data from Farside Investors.
Notably, spot BTC ETFs had a stellar run on Nov. 7 – when data was pouring in to show that Trump had won the elections – recording a staggering $1.3 billion in positive flows, led by BlackRock’s IBIT, the ultimate favorite among the Bitcoin ETFs.
BTC prices have added $20,000 since Trump’s win, and many experts believe the digital coin will only go higher as more regulatory clarity is provided under a pro-crypto administration.
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