Bitcoin Hits New All-Time High Of $84,000: What’s Next After A 23% Surge?
11 November 2024 - 5:27PM
NEWSBTC
The leading cryptocurrency on the market, Bitcoin (BTC), hit a new
all-time high of $84,000 on Monday amid increased inflows into the
digital asset market and expectations for further gains in the
final months of the year. This surge comes in the wake of
Donald Trump’s recent victory over Democrat candidate Kamala Harris
in the US presidential election, with Bitcoin experiencing a 23%
increase over the past week and a 5.5% rise in the last 24
hours. Optimism Grows For $100,000 Bitcoin Bloomberg reports
that as Bitcoin hits a new record high, options traders are now
targeting the $100,000 mark, speculating that it could be reached
before the end of the year. Traders on options exchange Deribit are
particularly active, with large bets being placed on Bitcoin
reaching this milestone. A notable $100,000 call option set to
expire on December 27 has garnered significant attention, with
reports indicating that it has already increased in value by
30%. Related Reading: Bitcoin Soars Past $82,500 As
MicroStrategy Makes Major 27,200 BTC Purchase Nick Forster, founder
of Derive, a decentralized finance protocol for options trading,
commented, “We’re witnessing some significant movements in the wake
of the US election.” As of Monday morning in London, there was
approximately 9,635 Bitcoin—valued at around $780 million—in open
interest tied to bets on Bitcoin hitting $100,000 by the December
expiration. According to Bloomberg, this represents the
highest amount of capital riding on any single trade for that
expiry date, with Deribit estimating an 18.6% probability of this
trade paying off. Uptrend Linked To Anticipated Regulatory Changes
Under Trump Le Shi, managing director at market-making firm Auros
in Hong Kong, noted that the current uptrend in the broader market
is due to a number of promises made by Trump during the election
campaign. These include making Bitcoin a strategic reserve
asset for the US, firing the chairman of the US Securities and
Exchange Commission (SEC) on his first day in office and
introducing a clearer regulatory framework to support the market’s
growth. Related Reading: Ethereum Weekly Volume Hits $60
Billion As ETH Aims For Yearly Highs Shi believes that the
combination of favorable market conditions, growing institutional
interest, and a supportive regulatory environment under Trump’s
administration could create a conducive backdrop for further price
appreciation. At the time of writing, BTC is trading at
$84,122. Featured image from DALL-E, chart from
TradingView.com
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