Bitcoin Reaches New All-Time High of $93,311.31
Bitcoin (BTC) reached a new all-time high of $93,311.31, continuing its rise since Donald Trump's presidential election victory. The cryptocurrency, valued under $70,000 on election night, has more than doubled this year, driven by the January launch of spot Bitcoin exchange-traded funds (ETFs).
Interest in these ETFs surged after Trump's win, following his campaign promises to support the crypto industry, which included creating a “strategic bitcoin stockpile” and promoting U.S. Bitcoin mining. Record inflows into Bitcoin ETFs reached nearly $2 billion on Monday and Tuesday alone, according to Farside Investors.
BlackRock’s iShares Bitcoin Trust (IBIT) surpassed $40 billion in inflows within a record 211 days, becoming the largest ETF launch in the past decade, ahead of BlackRock’s own iShares Gold Trust (IAU). Additionally, spot Ether ETFs garnered about $431 million in inflows over two days, indicating rising interest across the crypto market.