Bitcoin moved little on Wednesday, steadying just below a record high hit earlier this week as sentiment towards cryptocurrencies remained upbeat on the prospect of friendlier U.S. regulations.
The buy was by far the company’s biggest purchase of the cryptocurrency, furthering its spot as the world’s biggest corporate holder of Bitcoin. The company now holds a total 331,200 Bitcoins, and has flagged plans to purchase even more coins in the coming years.
Over the past seven days, Litecoin has seen a rise in value, as it gained 12.19%. The volume of Litecoin traded in the twenty-four hours to time of writing was $1.627B or 1.02% of the total volume of all cryptocurrencies. It has traded in a range of $71.8827 to $98.3636 in the past 7 days.
Gains in Bitcoin were driven chiefly by optimism over a Trump presidency, after he won the 2024 presidential elections. Institutional inflows into crypto exchange-traded funds were seen as a major driver of recent price gains.
The value of the global cryptocurrency market has topped $3 trillion as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.
Bitcoin shot up to record highs of nearly $90,000 this week, as crypto saw a week-long rally after Trump’s election victory. But focus was now on just what his policies will entail for crypto, as well as the broader U.S. economic outlook.
The world’s biggest cryptocurrency has been on a tear since last week after Trump won the 2024 presidential election. Bitcoin has also largely sustained its rally despite signs that risk appetite was cooling in other asset classes, especially stocks.
This notion was the biggest driver of recent crypto gains, as traders bet that the Securities and Exchange Commission will have to soften its stance against the industry. Markets also bet that the industry will gain more legitimacy as an investment vehicle.
Bitcoin rose on Friday and remained close to record highs hit this week as a Donald Trump victory in the 2024 presidential election and an interest rate cut by the Federal Reserve kept crypto markets upbeat.
Bitcoin steadied near recent peaks on Thursday, as Donald Trump’s victory in the 2024 presidential election sparked sharp gains in cryptocurrencies on the prospect of friendlier crypto regulations.
