Bitcoin pulls in $97k, sets sight for $100k

Bitcoin, the biggest crypto, on Thursday morning breached past the much anticipated $97,000 level marking a new all-time high. BTC stood just 3% away from hitting the iconic $100K milestone. Optimism about crypto’s future in the United States is fueling the rally.

The cumulative crypto market cap surged by more than 3% in the last 24 hours to stand at $3.17 trillion. Its 24-hour trading volume is running around $190 billion with a 5% jump. This spike comes in as speculation intensifies about Donald Trump’s team discussing creating a White House crypto policy role. From being a skeptic to a supporter, Trump’s pro-crypto shift is making high strides in the digital asset space.

Bitcoin rallies to $97K

Bitcoin price jumped by 6% in the last 24 hours, adding to the rally of 45% in the past 30 days. BTC is trading at an average price of $97,549, at the press time. Its 24-hour trading volume spiked by 12% to overtake the $84 billion mark.

Coinglass data shows that bulls are overpowering the bears in the epic battle towards the $100k. In the last 24 hours, more than $115 million worth of bets set on Bitcoin price action (both long and short) got liquidated.

Over $93 million worth of liquidated bets turned out to be short positions (81%). This suggests that traders were hoping for correction but a positive trend supported BTC to gain more.

Bitcoin ETFs in the US have surpassed $100 billion in total assets. This comes in just 10 months after their debut in January. The milestone ranks them among the fastest-growing fund categories ever. Issuers like BlackRock and Fidelity are leading the charge as the ETFs saw $773 million in net inflows on Wednesday as Bitcoin hit record highs. The rally continues as BTC pushes toward the $100,000 mark.

Since Trump’s US Presidential election win on November 5, the crypto market has added $800 billion. Bitcoin bros see six-figure prices as the ultimate proof of its legitimacy as a modern store of value. But critics remain wary despite watching the record-breaking surge.  However, Trump’s proposed supportive crypto framework and talks of a US Bitcoin reserve could reshape the market.

Another win for BTC

BlackRock’s iShares Bitcoin Trust (IBIT) options debuted on Nasdaq Tuesday. It amassed $2 billion in notional trading value. This is seen as a massive leap compared to other Bitcoin ETFs like BITO, which managed to hit $363 million on its first day back in 2021.

The IBIT ETF itself clocked $4 billion in trading volume and ranked fourth for the day. It is just behind the SPY, QQQ, and IWM despite having a much smaller market cap. IBIT options face tight 25,000-contract position limits, much stricter than traditional financial products.