Today, Bitcoin's price reached a new all-time high above $89,800, driven by optimism in the crypto industry and renewed interest in Bitcoin ETFs.
Bitcoin's New Price Record
At the time of writing, BTC is trading above $86,000, up by over 5% in the past 24 hours. BTC's market cap is at $1.7 trillion. Yesterday, the coin's market cap surpassed that of silver, positioning BTC as the eighth asset in the world by market cap. The price surge was catalyzed by Trump's election victory, suggesting a more favorable regulatory environment for digital assets.
Strategic Bitcoin Reserve Proposal
The crypto industry is optimistic about the upcoming change in Washington in 2025, emphasizing that the most urgent policy is a Strategic Bitcoin Reserve. Today, Senator Cynthia Lummis expressed confidence in its feasibility within the first 100 days with bipartisan support but only with widespread public backing. The Bitcoin Act will enable the US to purchase 1 million Bitcoins over 5 years.
BTC ETFs Inflow Dynamics
On November 11, BTC ETFs recorded significant inflows of over $1.11 billion, with BlackRock's IBIT leading the pack with more than $756 million, followed by Fidelity's FBTC with over $135 million. The total net assets in BTC ETFs surpassed $90 billion, with cumulative flows nearing $27 billion since their inception.
Given the positive catalysts driving Bitcoin's price, it's anticipated that the coin will reach $100,000 even before Trump's January 20 inauguration as US President.
