- Bitcoin once again crosses the $71K zone as the US election nears and investors are initiating their “Trump Trades.”
- Spot Bitcoin ETFs in the US also opened the week with $479.4 million in total net inflows.
- Blackrock could significantly influence Microsoft’s adoption of BTC.
Bitcoin (BTC) rallied by over 5% from a $67,720.21 low to a $71,475.47 high in the past 24 hours. As of this morning, it still held on to the $71 range, regaining a price it lost since June this year.
Along the way, the prime crypto asset’s trading volume increased by 148% as more than $47.32 billion worth of BTC moved across wallet addresses. The recent developments also led the market cap of Bitcoin’s 19.77 million circulating supply to reach $1.41 trillion.
Bitcoin’s resurgence today got it closer to its all-time high of $73,750.07 eight months ago. At this rate, BTC’s price is just roughly less than 3.5% than its historic peak.
Bitcoin has likewise shown a significant rebound in the longer timeframes. So far, it has gone up by over 5% in a week, 8% in a month, and 108% in a year.
‘Trump Trades’ Bumping Up Bitcoin Price
Most analysts agree that Bitcoin may be currently benefiting from investors playing their “Trump Trades.” This strategy essentially rides on the hype surrounding a potential Donald Trump win in the US election this November.
Since the start of his campaign, the Republican nominee and former president has been very vocal about his support for Bitcoin and decentralized finance (DeFi). In fact, he made a lot of promises toward the industry, including making the US a “Bitcoin mining powerhouse” and the “crypto capital of the planet.”
Trump also vowed to fire US Securities and Exchange Commission (SEC) Chairman Gary Gensler, while promising a key government position to Tesla CEO and Dogecoin (DOGE) supporter Elon Musk.
Spot Bitcoin ETFs Open the Week with Strong Inflows
Bitcoin’s rally comes in fresh from the strong performance of spot BTC exchange-traded funds (ETFs) in the US. On Monday, the market closed with $479.4 million in total net inflows.
Blackrock heavily contributed to the numbers with its $315.2 million net inflows, which brought its total net inflow to $24.302 billion since the launch of the iShares Bitcoin Trust ETF in January.
Blackrock to Influence Microsoft’s BTC Adoption
Speaking of Blackrock, the world’s largest asset manager happens to be the second largest shareholder of Microsoft. According to this month’s tally, it holds a 7% stake in MSFT, which is only next to Vanguard’s 9% holdings.
There were reports last week that the giant tech firm is considering backing its reserves with Bitcoin. This was confirmed by the company’s SEC filing for a stakeholder voting in December.
Although Microsoft has been reportedly discouraging investors from voting in favor of the proposal, the crypto community expects Blackrock to be a significant influence toward its BTC adoption.
