Bitcoin Climbs Higher, Nears $95,000 Mark
Since the US presidential election on 5 November, Bitcoin has zoomed by 40 per cent
Bitcoin soared to a historic high, nearing USD 95,000, fueled by reports that Donald Trump’s media company, Trump Media and Technology Group (TMTG), is in advanced discussions to acquire crypto trading platform Bakkt. This development has ignited optimism among investors, who expect a more crypto-friendly regulatory environment under Trump’s forthcoming administration.
Since the US presidential election on 5 November, Bitcoin has zoomed by 40 per cent, reflecting confidence in the potential for reduced restrictions on the cryptocurrency sector.
The bullish sentiment has also been amplified by BlackRock's spot Bitcoin ETF, which recently launched options trading on the Nasdaq. The ETF witnessed strong demand, with a high call-to-put ratio indicating market optimism. Analysts suggest that these options could further boost trading volumes for Bitcoin exchange-traded products, which have already attracted approximately USD 4.2 billion in inflows since Trump’s election victory.
The broader cryptocurrency market has mirrored Bitcoin’s upward momentum, crossing the USD 3 trillion valuation mark, according to data aggregator CoinGecko. This milestone underscores the increasing institutional and retail interest in digital assets, bolstered by innovation in financial products and a more supportive policy environment.
Market observers anticipate that continued demand, coupled with regulatory clarity, could sustain the rally and attract further capital into the sector.
Bitcoin's meteoric rise exemplifies its status as a leading digital asset, often referred to as "digital gold" due to its limited supply and growing role as a hedge against economic uncertainty. Experts believe this momentum could lead to further price milestones as the market evolves under the influence of new policies and products designed to enhance crypto adoption.
