Bitcoin Reaches New All-Time High of $84,000 Amid Election Impact
The leading cryptocurrency, Bitcoin (BTC), reached a new all-time high of $84,000 on Monday, driven by increased inflows into the digital asset market and expectations for further gains in the year's final months.
This surge follows Donald Trump's victory over Democrat candidate Kamala Harris in the US presidential election, with Bitcoin experiencing a 23% increase in the past week and a 5.5% rise in the last 24 hours.
Optimism Grows For $100,000 Bitcoin
Bloomberg reports that as Bitcoin reaches this record high, options traders are targeting the $100,000 mark, speculating it could be achieved before year-end. Traders on the Deribit options exchange are particularly active, placing significant bets on Bitcoin hitting this milestone. A notable $100,000 call option expiring on December 27 has gained attention, reportedly increasing in value by 30%.
Nick Forster, founder of Derive, noted significant market movements following the US election. As of Monday morning in London, approximately 9,635 Bitcoin valued at around $780 million were tied to bets on reaching $100,000 by December's expiration. Bloomberg indicates this is the highest capital amount for any single trade on that expiry date, with Deribit estimating an 18.6% probability of success.
Uptrend Linked To Anticipated Regulatory Changes Under Trump
Le Shi, managing director at Auros in Hong Kong, attributes the current market uptrend to promises made by Trump during his campaign. These include designating Bitcoin as a strategic reserve asset for the US, removing the SEC chairman on his first day in office, and introducing a clearer regulatory framework to support market growth.
Shi believes favorable market conditions, growing institutional interest, and a supportive regulatory environment under Trump's administration could foster further price appreciation.
At the time of writing, BTC is trading at $84,122.
Featured image from DALL-E, chart from TradingView.com.