Benchmark cryptocurrency bitcoin surged back above $90,000 this morning after retreating from record-high prices late last week.
Bitcoin has been on a tear since Donald Trump’s sweeping victory in the US election.
Trump campaigned on a pro-crypto platform and promised to keep burdensome regulation out of the burgeoning digital currency sector.
Spot-bitcoin exchange-traded funds raked in billions of dollars worth of inflows following the election, signalling large-scale institutional demand for the cryptocurrency.
ETF flows did, however, start to taper off after the initial flurry of FOMO.
The BTC/USD pair is currently trading near the $90,300 mark, which is around 3% off the all-time high of $93,265 reached last Wednesday.
Bitcoin is up more than 30% in a month – Source: tradingview.com
“Cryptoassets outperformed traditional assets last week as they continued to be supported by the positive impact of the new US administration,” said analysts at Bitwise Europe.
“One of the key drivers is the ongoing Bitcoin Strategic Reserve initiative in the US,” they added in reference to president-elect Donald Trump’s promise to increase the US government’s bitcoin ownership.
“Moreover, multiple cabinet picks support a Strategic Bitcoin Reserve, and it is expected that 10+ states will introduce Strategic Bitcoin Reserve legislation in the US over the coming months,” Bitwise predicted.