According to The Block, Bitcoin's price broke $95,000 for the first time on Wednesday evening, setting a new historical high on Coinbase.
Currently, this world's largest cryptocurrency has risen 110% in 2024.
Bitcoin's price reached $95,000 on Coinbase for the first time on Wednesday evening, marking a new historical high for the world's largest cryptocurrency. Over the past month, Bitcoin has risen 40%, and over 105% this year.
"With the approval of Bitcoin ETF options, we're not only seeing the maturation of the crypto ETF market—we're also seeing Bitcoin solidify its status as a mainstream institutional investment, standing alongside stocks, bonds, and commodities," said Nathan McCauley, CEO and co-founder of Anchorage Digital, in a statement.
The options for the spot Bitcoin ETF product officially launched this week, with BlackRock's iShares Bitcoin Trust (ticker IBIT) being the first to start on Tuesday, followed by the ETFs from Bitwise and GrayScale joining on Wednesday.
"On the first day, the total options trading volume for $IBIT was nearly $1.9 billion, with 354,000 contracts traded, of which 289,000 were call options and 65,000 were put options," said James Seyffart, an ETF analyst at Bloomberg Intelligence, on Tuesday. "This means the call-to-put ratio is 4.4:1. These options were almost certainly a significant factor in driving Bitcoin to a new high today."
Market momentum recently began on November 5, when Donald Trump, a supporter of cryptocurrency, defeated Vice President Kamala Harris in the U.S. presidential election. Reports indicate that Trump's team is considering establishing a position focused on cryptocurrency policy, which would be the White House's first attempt.
Industry experts have differing views on when Bitcoin will break $100,000, but there is a general consensus that this milestone will be achieved within the next two months—if not sooner.
"We haven't seen a strong FOMO (fear of missing out) from wealth managers, while retail investors are just starting to pay attention. So, this trend is still young. We believe that once it breaks $100,000, true FOMO will arrive," said Chandra Duggirala, CEO of Tides.Network, earlier this month to The Block.
