Crypto shares soared in overnight trading. MicroStrategy, Bit Digital surged over 8%; Coinbase jumped 7%; Marathon Digital rose 6%.
Bitcoin continued its relentless surge higher, climbing above $88,000 for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.
Trump’s decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over $100 million backing a range of crypto-friendly candidates. Bitcoin has surged more than 30% since last week’s election, setting record highs almost daily.
“Bitcoin continues to defy expectations by setting new highs,” said Chris Newhouse, director of research at Cumberland Labs. “The market is moving like it finally realizes we’re going to be in an undeniable bull market for the next few years.”
The largest token climbed as much as 10% to an unprecedented $88,204 in New York. It’s the biggest jump since the price increased almost 13% in March 2023. Bullish sentiment lifted smaller coins too, including Dogecoin, a meme-crowd favorite promoted by Trump supporter Elon Musk, the world’s richest man.
Bitcoin options traders are already eyeing a landmark price of $100,000 for the original cryptocurrency. Investors are lining up bets that Bitcoin will pass the milestone as soon as the end of the year, according to data from crypto options exchange Deribit.
As of Monday morning in London, there was 9,635 Bitcoin — worth roughly $780 million — in open interest bet on Bitcoin hitting $100,000 by Dec. 27, Deribit data shows. That’s the most riding on any trade for that expiry date. Deribit puts the chances of the trade paying off at 18.6%.
