Bitcoin has reached a new record high, closing at $94,078 in the latest trading session. This surge is attributed to significant developments in the crypto and financial sectors, including reports of Donald Trump’s media company exploring the acquisition of crypto trading firm Bakkt and the introduction of options trading for BlackRock’s iShares Bitcoin Trust.
The rise past $94,000 highlights Bitcoin’s increasing importance as an institutional asset. Sumit Gupta, co-founder of CoinDCX, noted the significance of these changes, stating that the launch of options trading for BlackRock’s Bitcoin ETF is a pivotal moment and signals deepening institutional interest.
Gupta said, “The launch of options trading for BlackRock’s Bitcoin ETF is a pivotal moment. It’s a strong signal that institutional interest is deepening, and it opens up new liquidity channels. This rally reflects a larger shift in Bitcoin’s journey towards mainstream adoption.”
Key drivers of the surge include the potential for a crypto-friendly stance under a Trump administration and the possibility of Microsoft incorporating Bitcoin into its treasury, as suggested by MicroStrategy’s Michael Saylor. However, Bitcoin has seen some correction, pulling back below $92,000 after reaching $93,905 on Tuesday.
The market’s reaction to these developments has affected altcoins, which briefly rallied before correcting. Despite these fluctuations, the overall sentiment remains positive, with analysts expecting continued growth driven by institutional players.
CoinSwitch Markets Desk stated, “Wall Street’s introduction of spot Bitcoin ETF options trading is a game-changer. It’s likely to encourage more institutional adoption, even as Bitcoin’s price consolidates in the short term.”
Edul Patel, co-founder and CEO of Mudrex said, “BlackRock’s Option saw a record $1.9 billion in trading volume on its first day, fueling Bitcoin’s price rally. However, profit-taking following the peak has pulled BTC back to its current level of $92,000.”
He further said that escalating Ukraine-Russia tensions have put investors in a cautious mode. Bitcoin now faces resistance at $94,600, with support holding steady at $90,400.
