Nov 21 2024: Bitcoin surged to an all-time high of $97,792.6 on Thursday, fueled by optimism surrounding Donald Trump’s pro-crypto policies and the launch of options trading on a Bitcoin ETF. The cryptocurrency later traded slightly lower at $96,909.4 as of 00:54 ET (05:54 GMT), bringing it tantalizingly close to the landmark $100,000 level.
Trump’s Pro-Crypto Stance Drives Market Optimism
Bitcoin’s recent rally was bolstered by renewed hopes for friendlier crypto regulations under President-elect Donald Trump, who won the 2024 U.S. elections. Trump has pledged to position the U.S. as the “crypto capital of the world” and is reportedly considering creating a White House position dedicated to cryptocurrency regulation.
Analysts believe Bitcoin could breach the $100,000 threshold if current price momentum continues. However, they warn that the crypto is moving into overbought territory, potentially triggering a sharp pullback if traders take profits.
ETF Options Spur Speculative Trading
The launch of options trading for BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) ETF on Tuesday injected fresh capital into crypto markets, generating nearly $1.9 billion in notional exposure. This development highlights the speculative nature of crypto trading and further supports market liquidity and price growth.
Altcoins Lag Behind Bitcoin
While Bitcoin outperformed, broader cryptocurrency markets showed limited enthusiasm:
- Ethereum (ETH) rose marginally by 0.1% to $3,111.0.
- Dogecoin (DOGE) fell 1% to $0.383335, despite its recent popularity boost from Trump-related buzz.
- XRP, Solana (SOL), Cardano (ADA), and Polygon (MATIC) posted gains between 0.6% and 3%, although trading remained range-bound this week.
Coinbase CEO Sells $300 Million in Shares
In a separate development, Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong sold nearly $300 million worth of shares, as regulatory filings revealed on Wednesday. Coinbase shares had surged to a three-year high following Trump’s election win and are up over 100% year-to-date.
Bitcoin’s march toward the $100,000 milestone signals growing investor confidence, but the market’s speculative nature keeps risks high. Traders will closely monitor regulatory developments and market sentiment in the weeks ahead.
