Bitcoin reaches new record close to $90,000, MicroStrategy buys more BTC, boosting share price.

From Investing.com

November 12, 2024 08:01 AM:

Bitcoin reached a new record peak close to $90,000, with MicroStrategy founder Michael Saylor tweeting a bullish reaction. The cryptocurrency surged by 10% in 24 hours, hitting $89,956. MicroStrategy also announced purchasing 27,200 BTC for $2.03 billion, with plans to buy $42 billion worth of Bitcoin in the future. Bitcoin’s recent success has boosted MicroStrategy’s share price by over 27%.

The Federal Reserve’s interest rate cut and U.S. political changes have fueled Bitcoin’s rapid price increase, with four new all-time highs reached in a week. Bloomberg Intelligence’s Mike McGlone noted Bitcoin’s correlation to the S&P 500 has surged to 0.6, suggesting the rising stock market may also contribute to BTC’s price surge.

(Source: https://u.today/michael-saylor-issues-bitcoin-space-travel-tweet-as-btc-gets-close-to-90000?from=investing)

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