Bitcoin Homes In On $100k As Trump Forms Pro-Crypto Cabinet

Blockhead11-21 21:58

Cryptocurrency prices upshifted yet again early Thursday as bitcoin extends its postelection rally, notching a new record above $98,000. ↑ X Donald Trump Wins 2024 Election: What It Means For ...

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Bitcoin held above $97,500 early Thursday. The world's largest cryptocurrency has rallied 132% so far this year.\nSome analysts expect bitcoin to hit $100,000 by year-end, a target now easily in reach. Bernstein expects bitcoin to reach $200,000 by 2025.\nThe latest record high follows a push from the start of options trading for spot bitcoin ETFs this week, led by BlackRock's iShares Bitcoin Trust ETF (IBIT) on Tuesday. The Grayscale Bitcoin Trust (GBTC), Bitcoin Mini Trust (BTC), Bitwise Bitcoin ETF Trust (BITB), ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin (FBTC) launched options trading Wednesday.\nThose launches came after the Options Clearing Corporation (OCC) on Nov. 18 announced it was preparing for the investment vehicles.\nBitcoin ETF Flows\nThe iShares Bitcoin Trust for its Tuesday launch tallied exposure of nearly $1.9 billion with 354,000 contracts traded, according to Bloomberg ETF analyst James Seyffart. The action included 289,000 calls and 65,000 puts, representing a 4.4:1 call-to-put ratio. That indicates more investors banking on a bitcoin price increase than decline.\n\"These options were almost certainly part of the move to the new bitcoin all time highs,\" Seyffart wrote.  Fellow Bloomberg ETF analyst Eric Balchunas called the trading volumes \"unheard of\" for the first day.\nMeanwhile, the spot bitcoin ETFs registered nearly $1.86 billion in inflows this week through Wednesday, Farside Investors data showed. IBIT led with $931.9 million in inflows, followed by FBTC at $450 million. Since their June launch, the bitcoin ETFs generated a total of $29.32 billion in inflows, with IBIT leading at $30.2 billion. The total has been offset by GBTC, which has seen $20.25 million in outflows.\nTrump Prioritizes Crypto\nMeanwhile, President-elect Donald Trump appears to be making good on his campaign promises to prioritize crypto.\nTrump earlier this week said he plans to nominate Cantor Fitzgerald CEO Howard Lutnick to head the Department of Commerce, tasked with administering tariffs and investigating trade practices. Lutnick, an outspoken crypto advocate and co-chair of Trump's transition team, may also play a role in setting policies for the digital asset industry. During the annual bitcoin conference earlier this year, Lutnick called Cantor Fitzgerald the \"best investment bank for digital assets,\" and it also serves as the custodian for Tether, one of the most widely-used stablecoins, Barron's reported.\nLutnick also at that conference said he is \"a fan\" of bitcoin and \"of course\" he owns bitcoin.\nThe Trump team is also considering a new White House crypto role, which would be the first of its kind and solely focused on cryptocurrency policy, Bloomberg reported citing unnamed sources. The Trump transition team is reportedly vetting candidates, with crypto industry advocates pushing for the role to have a direct line to the President.\nAnd Trump appears to be taking the industry advice into consideration. Trump on Monday spoke with Coinbase (COIN) CEO Brian Armstrong and discussed the broader crypto industry, Fortune reported citing an unnamed source. The Wall Street Journal previously reported the two would meet, potentially to discuss cabinet picks.\nThe primary focus for the industry now is who Trump will appoint to lead the Securities and Exchange Commission and the Commodities and Exchange Futures Commission, according to Fortune's sources.\nElsewhere, Truth Social parent Trump Media & Technology (DJT) is reported closing in on a deal to acquire crypto trading firm Bakkt (BKKT), according to reports earlier in the week.\nCrypto Prices, Stock Action\nEthereum neared $3,330 early Thursday, up nearly 8% over the last 24 hours and surging almost 32% over the past month. Ethereum has rallied 46% so far this year, reaching a 52-week high of $4,090 in March. The No. 2 crypto is still well below its November 2021 peak above $4,800.\nIBIT and the spot bitcoin ETFs surged 3.5% premarket, with most on track for five consecutive daily advances. Shares of the bitcoin ETFs are trading near record highs.\nMicroStrategy (MSTR) rallied more than 13% Thursday morning, adding to its 39% gain so far this week. The company on Nov. 18 announced it acquired another 51,780 bitcoin for around $4.6 billion, worth roughly $88,627 per coin. On Monday, it also filed to raise $1.75 billion in a private offering in order to buy more BTC. Chairman Michael Saylor announced Wednesday that MicroStrategy increased the offer to $2.6 billion due to high demand.\nAs of Nov. 17, MicroStrategy holds 331,200 bitcoin acquired for $16.5 billion at about $49,874 per coin. MSTR shares are up 137% from an Oct. 11 breakout.\nCoinbase stock surged more than 3% early Thursday.\nBitcoin miner Mara Holdings (MARA) leapt more than 11% premarket Thursday. If the early move holds, MARA will open just below a 26.19 buy point for a handle.\nRival bitcoin miners Hut 8 (HUT), Hive Digital (HIVE), Bit Digital (BTBT) and Riot Platforms (RIOT) jumped 5% or more.\nYou can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison\nYOU MAY ALSO LIKE:\nKeep Up With Cryptocurrency Prices and News\nLooking For The Next Big Stock Market Winners? Start With These 3 Steps\nJoin IBD Live And Learn Top Chart Reading And Trading Techniques From Pros\nLearn How To Time The Market With IBD's ETF Market Strategy","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485914014"}