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Bitcoin Bitcoin topped $94,000 for the first time on Wednesday as traders continued to focus on President-elect Donald Trump’s transition back to the White House and weighed early options trades on Bitcoin ETFs.
The cryptocurrency’s price recently rose more than 1% to $94,461.75, according to Coin Metrics. Earlier, it was trading as high as $94,686.79.
Coin library Shares rose 2% in premarket trading. at the same time, micro strategy up 8%. As of Tuesday’s close, Bitcoin Broker has gained more than 26% this week.
Bitcoin has been hitting new records since the election, although increments have been smaller since last week’s post-election rally faded amid hopes that Trump will usher in a crypto-friendly era for the industry that includes more Supportive regulation and potential national strategic Bitcoin reserves or storage.
Bitcoin continues to climb towards $95,000
Traders this week are closely watching Trump’s appointments for Treasury secretary and Securities and Exchange Commission chairman.
“We’re still in the pricing phase of the Trump deal,” said Joel Kruger, market strategist at LMAX Group.
He also noted that “we are gaining mainstream institutional adoption with the approval of Bitcoin and ETH spot ETFs this year,” and options trading on these ETFs will go live starting on Tuesday, which he called “another sign of maturity.” market.
Options for the BlackRock iShares Bitcoin Trust ETF (IBIT) began trading on Nasdaq on Tuesday. Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC) and Bitwise Bitcoin ETF (BITB) are expected to offer options on Wednesday.
Elsewhere, traders are awaiting earnings from Nvidia after the close, which could impact the price of Bitcoin. Cryptocurrencies typically benefit from broad swings in risky assets, even more so this year as institutional investors become more comfortable with it with the help of Bitcoin ETFs.
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