Bitcoin's acceptance in the U.S. market is deepening, and prices are continuously soaring. Trump's campaign platform includes making the U.S. the world's crypto capital. A large influx of funds into the Bitcoin market has driven the price of Bitcoin up. Acquisition negotiations have driven stock prices to soar: Trump Media Technology (DJT.US) is negotiating to acquire the digital asset platform Bakkt (BKKT.US), which has led to a surge in the stock prices of both companies. Nasdaq listing Bitcoin options: Nasdaq plans to list options for the $43 billion iShares Bitcoin Trust as early as Tuesday, which is a sign that cryptocurrency and its underlying blockchain technology are penetrating the financial system. Trump's cryptocurrency policy: Trump has promised to establish a U.S. regulatory framework favorable to digital assets and set up a strategic Bitcoin reserve. Future trends of Bitcoin: The highest concentration of open interest (or open contracts) in the options market is bets that Bitcoin will reach $100,000.
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Zhitong Finance APP noted that Bitcoin has returned to near its historical peak, and this series of developments highlights the deepening acceptance of the digital asset industry in the U.S. under the leadership of crypto supporter Trump.
Earlier market news indicated that Trump Media Technology (DJT.US) was negotiating to acquire the digital asset platform Bakkt (BKKT.US), which has led to a surge in the stock prices of both companies.
Other developments include Nasdaq's plan to list options for the $43 billion iShares Bitcoin Trust as early as Tuesday, and Goldman Sachs promoting the spin-off of its digital asset platform, all signs that cryptocurrency and its underlying blockchain technology are penetrating the financial system.
On Monday, Bitcoin soared to $92,606 in the U.S., and as of the time of writing, the price is $91,045, about $2,400 lower than the record low set last week. Since Trump won the election on November 5, this largest digital asset has risen by 36%. Trump's campaign platform includes making the U.S. the world's crypto capital.
A large influx of funds
Chris Weston, head of research at Pepperstone Group, wrote in a report: "The cryptocurrency market is active again," adding that Trump Media's actions regarding Bakkt are "another positive news to boost market sentiment."
Trump has promised to establish a U.S. regulatory framework favorable to digital assets and set up a strategic Bitcoin reserve. However, when his promises will be realized and the feasibility of the Bitcoin reserve remain uncertain.
These issues have sparked a debate about whether Bitcoin and cryptocurrencies can continue to rise. According to data from the Deribit exchange, the highest concentration of open interest (or open contracts) in the options market is bets that Bitcoin will reach $100,000.
Katie Stockton, a technical analyst at Fairlead Strategies LLC, indicated that some signals from chart patterns suggest Bitcoin could rise to around $98,100 in the coming weeks. Tony Sycamore, a market analyst at IG Australia Pty, stated a preference to buy Bitcoin when it pulls back to $80,000.
ETF Options
BlackRock's iShares Bitcoin Trust is the largest Bitcoin portfolio in the world. The fund's options may attract new investments into the crypto ecosystem by expanding trading possibilities. iShares products are one of the 12 spot Bitcoin exchange-traded funds in the U.S., which attracted about $4 billion in net inflows for some time after the election day.
The current optimism in the cryptocurrency sector has dulled memories of the painful market crash in 2022, which exposed fraud and other reckless behaviors, leading to the collapse of platforms including SBF's FTX exchange.
On Monday, a woman who called herself the "Wall Street Crocodile" and "Razzlekhan" in a rap video was sentenced to 18 months in prison for helping her hacker husband launder cryptocurrency stolen from the Bitfinex exchange, revealing this convoluted history. The stolen Bitcoin is currently worth billions of dollars.
Trump was previously skeptical about cryptocurrency, but after digital asset companies invested heavily to protect their interests during the campaign, he changed his strategy. The elected president now has his own cryptocurrency project. Nathan Dean, a senior government analyst at Bloomberg Intelligence, wrote in a report that the likelihood of the U.S. fully passing cryptocurrency legislation by 2025 has increased to about 70%.
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