Bitcoin News Today: Trump’s Comeback Sparks Historic Bitcoin Rally, BTC nears $90,000 – Big Bitcoin Critic goes to Bitcoin?

The cryptocurrency market experienced a significant surge following Donald Trump’s victory in the U.S. presidential election, with Bitcoin (BTC) leading a historic rally that reached a record high of $89,604.50, according to CoinMarketCap data.

Bitcoin’s market cap soared past $1.74 trillion, marking a nearly 30% gain over the past week and surpassing the market capitalization of silver. This surge followed Bitcoin’s earlier breakthrough of its previous all-time high of $73,000 earlier this year.

The rally has positively impacted major industry players. MicroStrategy, the company holding the largest amount of corporate Bitcoin, saw its stock price hit a 24-year high of $351.73. Meanwhile, U.S.-based crypto exchange Coinbase saw its COIN shares rise to $334.86, a level not seen since late 2021.

Technical indicators suggest that Bitcoin’s upward momentum could persist. The Parabolic SAR signals strong bullish momentum, while the Relative Strength Index (RSI) indicates high buyer enthusiasm, pushing into overbought territory. Market watchers are also speculating that Bitcoin may reach the symbolic $100,000 mark sooner than expected.

Meanwhile, Peter Schiff, a long-time Bitcoin critic, is surprisingly selling his digital art collection on Magic Eden, an NFT platform. The collection, titled “Golden Triumph Ordinals Set,” consists of 51 unique digital inscriptions on the Bitcoin blockchain. It sold out quickly, with its floor price rising to 0.1245 BTC per piece (approximately $10,774), marking a 149% increase from its original price of 0.05 BTC.

Schiff’s announcement coincides with Bitcoin’s historic rally, which saw the cryptocurrency surpass $89,000 amid post-election optimism. This move has raised eyebrows in the crypto community, given Schiff’s long-standing criticism of Bitcoin and his advocacy for gold as a superior investment.

In a recent ironic twist, Schiff also opposed the rumored Trump Bitcoin Reserve initiative, warning that it could lead to a market crash. “To maintain the pretense that its Bitcoin reserve has actual value, the U.S. government would be forced to keep buying, destroying the value of the dollar in the process,” he cautioned.