Key Takeaways
- Investments tied to cryptocurrencies surged as the excitement over Donald Trump’s victory in the presidential election continued.
- Bitcoin traded at yet another all-time high, surpassing $88,000.
- MicroStrategy, the biggest corporate holder of bitcoin, announced it had just paid $2.03 billion to purchase another 27,200 bitcoin.
The cryptocurrency euphoria that followed Donald Trump’s victory in the U.S. presidential election continued Monday, with everything tied to the digital currency industry powering ahead.
Bitcoin once again traded at an all-time high, ealier surpassing $88,000. Shares of companies in the sector, including Robinhood Markets (HOOD), Coinbase Global (COIN), Riot Platforms (RIOT), and Marathon Digital parent MARA Holdings (MARA), all rose, with Marathon up about 30%.
Crypto exchange-traded funds (ETFs), such as iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC), also advanced, rising by double-digit percentages.
Trump Has Said He Wants US To Be ‘Crypto Capital of the Planet’
The enthusiasm has been driven by Trump’s previous comments about his support of cryptocurrencies, at one point saying he wants the U.S. to be “the crypto capital of the planet.”
In addition, MicroStrategy (MSTR), the largest corporate holder of bitcoin, announced that it had purchased an additional 27,200 bitcoin for $2.03 billion. MicroStrategy shares ended the day up 25%.
The total estimated market cap of cryptocurrency was recently nearing $3 trillion, according to CoinMarketCap.
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