Bitcoin, the leading cryptocurrency, has seen a sharp increase in value, approaching $90,000. Notably, since Donald Trump’s recent election victory, the entire cryptocurrency market has been rising. A movement not seen in years has been sparked by his pro-crypto pledges and convictions, which have permeated digital assets.
But there are other factors contributing to today’s cryptocurrency boom than Trump’s win. The Federal Reserve’s acceptance of a rate cut last Thursday and Microstrategy’s recent Bitcoin acquisition are further variables.
Bitcoin Flirts with $90K
The price of Bitcoin broke several highs in the past day, surpassing the $80k margin and now coming very close to $90k. On-chain data indicates that Bitcoin is currently trading at $88,003, up 7.63% over the previous day. Remarkably, the flagship cryptocurrency has risen by 28.11% in the past week and by 40.85% in the past 30 days.
Not to be overlooked is the fact that Bitcoin’s market value has surpassed $1.75 trillion, accounting for over half of the $3.02 trillion total market capitalization of all cryptocurrencies.
Why is BTC Price Up Today?
As was already established, President Trump’s victory in the U.S. presidential election on November 5 sparked the rally. Trump made audacious pledges to embrace blockchain technology and reform the cryptocurrency sector in the US, including establishing the US as the “Bitcoin capital of the world.”
Several prominent figures in the cryptocurrency field generously donated to his campaign, demonstrating their conviction in and support for the initiative.
Furthermore, this current bounce was sparked by several significant factors, not only Trump’s victory. The biggest corporate Bitcoin holder and top international business intelligence firm, Microstrategy, recently raised its BTC holdings.
The corporation run by Michael Saylor purchased an incredible 27,200 Bitcoins on November 10th, which were worth $2.03 billion at the time of purchase. Other investors opened positions on the coin as a result of this move, which sent a strong optimistic signal throughout the market. After the transaction, Bitcoin surged to $86k and has continued to rise to this day.
In the meantime, the U.S. Federal Reserve authorized a quarter-point interest rate reduction on November 7. This action coincides with a new president and a change in the nation’s economy. Voters in the U.S. presidential election frequently mentioned that the economy’s condition played a decisive role in the choice to lower interest rates.
In the end, institutional investors have heavily invested in Bitcoin due to its recent trajectory through the Bitcoin ETFs. Bitcoin exchange-traded funds have had inflows of over $3.3 billion since Trump’s victory, with a daily net inflow of $1.11 billion as of November 11, according to data from Soso Value.
Conclusion
Bitcoin’s approach toward the $90,000 mark reflects a powerful convergence of pro-crypto sentiment, economic policy shifts, and increased institutional involvement. Trump’s recent election win, paired with his pro-crypto stance, appears to have reinvigorated confidence in digital assets, drawing support from prominent industry figures.
The Federal Reserve’s recent rate cut has further fueled optimism, making Bitcoin and other cryptocurrencies attractive in a lower-interest-rate environment. Notably, Microstrategy’s substantial Bitcoin acquisition signals sustained institutional confidence in the asset, amplifying market momentum.
This combination of political support, policy shifts, and institutional investment underscores Bitcoin’s potential for further growth, even amid expected volatility.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.