30s Summary
Bitcoin recently surpassed $84,000, outperforming gold and top tech stocks. This major cryptocurrency underwent a nearly $20,000 surge within the last week. Conversely, tech giants like Apple, NVIDIA, Amazon, Microsoft, and META suffered a dip. Investors might be favoring Bitcoin thanks to Trump’s acknowledgment of cryptocurrencies during his campaign. Furthermore, iShares Bitcoin Trust ETF reported a $1 billion trading volume within 35 minutes of trading.
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Hey folks, here’s some impressive news – Bitcoin keeps on reaching new heights as it has jumped over $84,000 recently, following the result of the U.S. elections. When we look at the context, gold and the top seven tech stocks aren’t doing as well.
This major cryptocurrency keeps smashing its previous records, strongly hinting at a bullish trend. Just within the past week, Bitcoin has seen an almost $20,000 increase from its previous low point of $66,700 on Nov. 6.
Curiously, the tech giants in the stock market are not showing the same momentum. Apple (AAPL), NVIDIA (NVDA), Amazon (AMZN), Microsoft (MSFT) and META (META) have all experienced a dip, while Google (GOOGL) managed a modest uptick. Tesla, which holds 9,720 BTC, has seen an improvement of 9% and Gold dipped by 2%.
This could mean that investors might be moving from tech stocks and gold to cryptocurrencies as they anticipate Donald Trump’s presidential term starting early next year. It’s worth noting that he did voice his support for cryptocurrencies during his campaign.
Adding to the list of impressive Bitcoin stats, Senior Bloomberg analyst Eric Balchunas observed that iShares Bitcoin Trust ETF (IBIT) experienced a whopping $1 billion in trading volume within the initial 35 minutes of trading.
Eric remarks, “Day after election it did that in 20minutes, so a bit less than last Wednesday but still pretty intense. Pretty good early indicator of strong inflows this week”.
So, there you have it – a quick snapshot of Bitcoin’s recent whirlwind journey. Stay tuned for more updates!