Investing.com– Bitcoin rose on Tuesday, staying within sight of recent all-time highs after major corporate holder MicroStrategy declared even more purchases of the currency.
The prospect of friendlier US regulations under Donald Trump’s second presidency continued to underpin cryptocurrency prices, following Trump’s election victory in early November.
rose 0.8% to $91,359.6 at 12:30 a.m. (CET) (05:30 GMT). The world’s largest cryptocurrency hit a record high of $93,226.6 last week.
MicroStrategy Buys a Record $4.6 Billion in Bitcoin
MicroStrategy Incorporated (NASDAQ:) revealed on Monday that it had purchased around 51,780 Bitcoin last week for approximately $4.6 billion in cash, at an average price of $88,627 per coin.
The purchase was by far the company’s largest cryptocurrency purchase, strengthening its position as the world’s largest corporate Bitcoin holder. The company now owns a total of 331,200 Bitcoins and has signaled plans to purchase even more coins in the coming years.
Shares of the company, which are closely tied to Bitcoin prices, rose nearly 13% to an all-time high after Monday’s disclosure. MicroStrategy shares have also been on the rise since Trump’s election victory in early November.
The company, led by Bitcoin advocate Michael Saylor, has steadily taken on new debt over the past three years to increase its Bitcoin reserve. Saylor has also reiterated his plans to launch more debt offerings in the coming years to purchase Bitcoin.
Crypto Price Today: Post-Trump Rally Cools as Policy Focus
But even as Bitcoin remained largely bullish, broader cryptocurrency prices now appeared to be cooling as optimism about Trump faded in anticipation of what his administration will mean for cryptocurrencies.
Most major altcoins held close to recent peaks, although their pace of gains now appeared to be slowing after a nearly two-week rally.
Trump’s victory sparked strong gains in cryptocurrency prices as he has maintained a largely pro-crypto stance. But markets were now waiting to see real changes in the policies of Trump, who takes office in about two months.
Among major altcoins, it rose slightly to $3,134.55, staying within sight of a recent three-month high.
and retreated after rising strongly in recent sessions, while adding 5%.
The Meme token outperformed its peers, rising more than 5% and remaining near a three-year high. The token’s value nearly doubled after Trump’s victory, and also benefited from increased social media buzz after Trump referenced the token with the Department of Government Efficiency, which will be led by Elon Musk and Vivek Ramaswamy. .