(Bloomberg) — Bitcoin rises to another all-time high, helped by a series of developments highlighting deepening support for the digital asset industry in the U.S. under crypto cheerleader Donald Trump. did.
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The tape opens with the revelation that the president-elect's Trump Media & Technology Group is in talks to buy digital asset market Bakkt Holdings, causing a spike in the stock prices of both companies.
Other moves include Nasdaq Inc.'s initial listing of options on the $43 billion iShares Bitcoin Trust and Goldman Sachs Group Inc.'s push to spin out its digital asset platform, which is a sign of the current state of cryptocurrencies and their underlying blockchain technology. It burrows deep into the financial system.
Bitcoin rose to $93,625, surpassing its previous record high of $93,462 set on November 13th. The largest digital asset has risen about 40% since Trump won the Nov. 5 election on a platform that includes making the U.S. the crypto capital of the world.
“On the move”
“The crypto scene is starting to move again,” Chris Weston, head of research at Pepperstone Group, wrote in a note, adding that the Trump media coverage of Bakkt is “another piece of positive news that will keep emotions high.” He added.
President Trump has vowed to create a supportive US regulatory framework for digital assets and establish a strategic Bitcoin stockpile. The timeline for fulfilling his promise and the feasibility of a Bitcoin reserve remain uncertain.
Questions like these are influencing the debate about whether Bitcoin, and cryptocurrencies in general, can continue to rise. Based on data from the Deribit exchange, the highest concentration of open interest (or outstanding contracts) in the options market is bullish bets on Bitcoin reaching $100,000.
Katie Stockton, technical analyst at Fairlead Strategies LLC, said that some signals from the chart pattern suggest that Bitcoin could move higher in the coming weeks toward its target of around $98,100. He said it shows. IG Australia Pty Market Analyst Tony Sycamore expressed hope for a Bitcoin correction towards a buyback towards $80,000.
ETF options
BlackRock Inc.'s iShares Bitcoin Trust is the world's largest portfolio investing in this token. Fund options have the potential to attract new investments into the cryptocurrency ecosystem by expanding trading possibilities. The iShares product is one of 12 spot Bitcoin exchange-traded funds in the U.S., and the group collectively attracted about $4 billion in net inflows in the post-election day period.
