Bitcoin Hits All-Time High of $94,000 as Post-Election Rally Continues
The price of Bitcoin hit a record high on Tuesday afternoon, continuing its dramatic ascent in the two weeks since Donald Trump’s victory in the presidential election.
The cryptocurrency moved as high as $94,000 in afternoon trading, according to the crypto tracker CoinMarketCap.Bitcoin hit a previous record of over $93,000 last week and has teetered around the $90,000 level in recent days.
The historically volatile asset has exploded since Trump’s election, jumping nearly 35% from about $70,000 at 9 p.m. ET on the night of the election. Investors are optimistic that the president-elect's support of cryptocurrencies, as well as backing from a crypto-friendly Congress, will lead to policies that benefit the asset class.
The fresh record comes after a Financial Times report Monday that Trump Media & Technology Group (DJT), in which Trump holds a 53% stake, is in talks to buy cryptocurrency trading platform Bakkt (BKKT).
Investors looking for another way to get involved in Bitcoin will be able to trade options on Blackrock’s (BLK) iShares Bitcoin Trust, a $42 billion ETF that launched in January, beginning Tuesday, according to reporting from Barron’s and others.
In fact, options trading volume for the ETF reached more than $446 million in its first few hours, according to a report from CryptoSlate.
