The post Bitcoin Hits New All-time High Above $97,400 appeared on BitcoinEthereumNews.com.

Bitcoin’s relentless momentum shows no signs of cooling as it rockets past $97,000, propelled by a rally sparked by a Republican victory earlier this month. By Thursday morning in Asia, Bitcoin (BTC) was trading at $400, edging closer to the psychological $100,000 mark. Reaching this milestone would push Bitcoin’s market capitalization beyond $2 trillion for the first time. Source: BNC Bitcoin Liquid Index “Trump Trade” and Policy Tailwinds Drive Momentum Over the past two weeks, Bitcoin has surged nearly 30%, buoyed by a pro-crypto stance from the U.S. government and the Federal Reserve’s recent rate cuts, which have reignited traders’ risk appetite. Market participants are dubbing this rally the “Trump trade,” as stocks, bonds, and Bitcoin alike have gained in the wake of Donald Trump’s election victory. Further fueling the rally is the swift uptake of BlackRock’s physically settled IBIT options. These options, which track Bitcoin prices, debuted strongly, reflecting rising institutional interest. The IBIT options launch shattered expectations, crossing $2 billion in trading volume on its first day. Singapore-based QCP Capital reported an impressive 73,000 contracts traded within the first hour, with a bullish call-to-put ratio of 4.4:1. This placed IBIT among the top 20 most active non-index options globally, signaling growing institutional confidence in Bitcoin as a viable asset class. “This activity is likely to draw new investor demographics and foster diversified trading strategies,” QCP Capital noted. “Such developments could help reduce Bitcoin’s volatility and downside risks, cementing its position as a mainstream financial asset.” With institutional adoption accelerating and policy shifts favoring crypto innovation, banks and analysts are now projecting Bitcoin prices to reach as high as $200,000 in the coming months. As Bitcoin hovers near $100,000, its upward trajectory underscores a shifting financial landscape, where digital assets are becoming indispensable in portfolios worldwide. Meanwhile, speculation about…

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Filed under: News - @ November 21, 2024 5:17 am