Bitcoin Hits Post-Election High, Hovering Close to $100K Mark

Bitcoin, continuing a trend of almost daily record highs since the U.S. presidential election, has recently surged by over 40% in just two weeks, surpassing the $98,000 mark for the first time on Thursday. The rally in cryptocurrencies and investments like crypto ETFs is attributed to the anticipated “crypto-friendly” Trump administration. As of 11:02 a.m. ET, Bitcoin was trading at 96,747, after earlier reaching a peak of 98,349, according to CoinDesk. Investors remain bullish, unfazed by Bitcoin’s volatile history, as it stands just below the $100,000 threshold. Yet, experts caution against the risks, given the unpredictable nature of the cryptocurrency market.

• Bitcoin Spot ETF Options Listed
• The United States is brewing a strategic Bitcoin reserve

Bitcoin Spot ETF Options Listed

The cryptocurrency market witnessed a milestone on Tuesday as BlackRock’s iShares Bitcoin Trust (IBIT) emerged as the first Bitcoin spot ETF option to gain approval and kick off trading. This significant move attracted substantial capital inflows on its listing day, indicating a strong market appetite for such products. According to Bloomberg ETF analyst James Seyffart, IBIT’s debut was marked by significant trading activity, surpassing even the performance of BITO ETF over the past four years. Market structure expert Dennis Dick noted that the active trading of these options could potentially lead to a decrease in Bitcoin’s price volatility. The muted price decline of Bitcoin after hitting its peak reflects a notable enhancement in the market’s overall resilience. Dick elaborated, stating that as option open interest expands, it naturally attracts more participants to the market, fostering a healthier and more stable trading environment.

New spot Bitcoin ETF options from Bitwise and Grayscale, alongside BlackRock’s, are set to list on Wednesday, November 20th. This move is expected to further shape the crypto market, potentially leading to decreased volatility as liquidity increases.

The United States is brewing a strategic Bitcoin reserve

Bitcoin, the world’s largest and most recognized cryptocurrency, has been on a significant upward trajectory this year, recently smashing through to reach new record highs during trading sessions. This positive market sentiment has been further bolstered by the news of Donald Trump’s election as the next President of the United States in November. Trump has hinted at the possibility of creating a “Bitcoin Strategic Reserve,” a move that could potentially add even more momentum to the already soaring cryptocurrency. This, coupled with the remarkable success of Bitcoin spot ETF options, indicates a bright future ahead for the digital asset.