BlackRock’s Bitcoin ETF Options Drive Bitcoin Hits 97K Dollars
Less than a day after it previously reached a new high watermark, Bitcoin surged to a new all-time high price on Wednesday. Early Wednesday saw the asset rise to $95,000 for the first price, while CoinGecko statistics show that around $78 billion worth of Bitcoin has changed hands in the past day.
After spot Bitcoin ETF options for BlackRock’s iShares Bitcoin Trust (IBIT) started trading in the US, there was bullish price activity. With the new derivatives contracts, traders can wager on whether and how soon the price of the fund’s shares will rise or fall. The new options contracts saw $1.9 billion in notional exposure traded on their debut day on Tuesday, the first day of trading on the Nasdaq.
Bitcoin Breaks Records Again: $120K in Sight, Says BRN Analyst
It also comes after the asset has had several bullish catalysts this year, including a Republican victory in the presidential election and the Securities and Exchange Commission’s approval of U.S. spot exchange-traded funds. Establishing a domestic Bitcoin reserve is one of the policy measures that President-elect Donald Trump has pledged to implement in order to foster industry growth.
According to CoinGecko data, the price of Bitcoin set a new all-time high above $93,500 just yesterday, and it then continued to rise above $94,000. The high price action, according to trading firm BRN analyst Valentin Fournier, on Wednesday supports the company’s prediction that Bitcoin will not only hit $100,000 before the year is out but will surpass that amount. Now Bitcoin is trading at $97,494.
“This confirms our thesis of an accumulation phase before a year-end breakout. If this momentum persists, Bitcoin prices could reach $120,000 before 2025, driven by growing retail interest in its robust performance and long-term potential since the U.S. presidential election.” Fournier
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment