BTC traded above $96,500 during the early Asian hours, which is less than 6% away from the significant $100,000 threshold that would elevate it beyond a $2 trillion market capitalization.
Bitcoin (BTC) continues to rise, fueled by a recent Republican election win. Earlier Thursday, it surpassed $97,000 for the first time, trading above $97,500 during early Asian hours. It is now less than 3% away from reaching the significant $100,000 mark, which would bring its market value above $2 trillion.
In the past 14 days, Bitcoin has increased nearly 30%. This growth is supported by a pro-crypto government in the U.S. and recent interest rate cuts by the Federal Reserve, which have encouraged traders to take risks. Traders now refer to this trend as a “Trump trade,” as various asset classes, including stocks and bonds, have gained since Donald Trump’s election win.
There is significant interest in BlackRock's new IBIT options, which are linked to Bitcoin prices and settle physically. This pro-crypto approach from the government is helping fuel the current market rally. According to CoinDesk, the Trump transition team is considering Teresa Goody Guillén, a partner at the law firm BakerHostetler, as a potential candidate for the next SEC chair.
On its first day, the IBIT options reached $2 billion, showing a shift in how the market operates. Singapore-based QCP Capital reported that the options market for BlackRock's BTC spot ETF (IBIT) had a strong start, with 73,000 contracts traded in the first hour and a bullish call-to-put ratio of 4.4:1. This activity places IBIT among the top 20 most active non-index options, indicating rising confidence in Bitcoin as a mainstream investment.
Experts in banking and finance have set targets as high as $200,000 for Bitcoin in the coming months, spurred by the Republican election win.
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