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    Bitcoin’s Price Surges to $89,500 Sparking Record Trading Volume and Boosting Related Stocks

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    On November 11, Bitcoin’s price rose 11% to reach $89,500, promoting intense trading activity, with volume surpassing a previous record of $25 million at $38 billion. Trading in Bitcoin exchange-traded funds (ETFs) from MicroStrategy Inc and Coinbase Global Inc was particularly high. MicroStrategy’s stock rose 25% and they acquired another 27,200 Bitcoin, bringing their total to 279,420. Coinbase’s stock closed at $324.2, exceeding $300 for the first time since 2021. Bitcoin miner stock also soared, with CleanSpark, Bitdeer Technologies, and Hut 8 registering 25% gains. The surge is presumed to be linked to the increase in pro-crypto Republican politicians.

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    On November 11th, the price of Bitcoin jumped by 11% to reach $89,500. This led to a huge rush in trading in the US for Bitcoin exchange-traded funds (ETFs), particularly MicroStrategy Inc and Coinbase Global Inc. In fact, the day’s trading volume hit a record-breaking $38 billion! This blew past the previous record of $25 million set in March.

    Bloomberg ETF analyst, Eric Balchunas, was impressed by the surge in activity and highlighted that BlackRock’s iShares Bitcoin Trust ETF alone saw trading volume hit a crazy $4.5 billion! Balchunas described it as “an insane day;” suggesting it was so epic, it needed a memorable name.

    One of the big winners of the day was MicroStrategy, a company that invests heavily in Bitcoin. Their stock shot up by an impressive 25% to reach $340. That’s the highest it’s been in nearly 25 years. On that day, MicroStrategy’s trading volume reached a hefty $12 billion, according to Google Finance.

    In addition to the stock price, MicroStrategy revealed that it bought another 27,200 Bitcoin, spending approximately $2.03 billion. This brings their total Bitcoin stash to 279,420.

    Another company that saw a big boost was Coinbase Global Inc. Their stock price nearly rose by 20%, closing at $324.2. This took the price over the $300 mark for the first time since 2021. Both MicroStrategy and Coinbase were among the top five most traded stocks during the day.

    Bitcoin mining didn’t miss out on the action either. MARA Holdings, a Bitcoin mining company, saw their stock price zoom 29.9% to $25.01. Other players in the space, like CleanSpark, Bitdeer Technologies, Hut 8 and Bit Digital, all logged in gains over 25% for the day.

    Right now, Bitcoin is still being traded at $89,500. Interestingly, the surge seems to have been spurred by Donald Trump’s election win and the increase in pro-crypto Republican politicians being elected into the Senate and the House. Some folks are even speculating that Bitcoin could become America’s next strategic reserve asset, adding to the overall hype.

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