Market surges fueled by Trump’s pro-crypto stance and strong institutional support.
Bitcoin’s Historic Surge
Bitcoin surged to an all-time high of $94,982.37 before settling at $93,709, marking a 1.6% daily increase. The cryptocurrency has doubled in value this year and gained over 40% since Donald Trump’s victory in the U.S. presidential election on November 5. Traders attribute this surge to expectations of a supportive regulatory environment under Trump’s administration.
Trump Media and Bakkt Talks Drive Momentum
A Financial Times report revealed that Trump Media and Technology Group, operator of Truth Social, is in advanced talks for an all-stock acquisition of crypto trading firm Bakkt. This move is seen as a step toward bolstering Trump’s pro-crypto agenda.
Expert Insights on Bitcoin’s Potential
Nikhil Bhatia, founder of The Bitcoin Layer, emphasized Bitcoin’s uniqueness as decentralized digital cash with an algorithmically limited supply. He noted that if Bitcoin matches gold’s $17 trillion market cap, it could reach $800,000 per coin.
BlackRock’s ETF and Options Debut
The launch of options trading for BlackRock’s spot Bitcoin ETF has further buoyed market sentiment. With nearly $1.9 billion in trading volume on debut and a bullish call-to-put ratio of 4.4:1, the ETF’s popularity is expected to increase overall trading volumes.
Global Market Value Soars
The cryptocurrency market surpassed $3 trillion in value, driven by strong institutional inflows. U.S. spot Bitcoin ETFs have attracted $4.2 billion since Trump’s election, signaling robust investor interest.
Market Analysis
Chris Weston of Pepperstone noted strong underlying buying pressure for Bitcoin, predicting further rallies as investors chase momentum.
Disclaimer:
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