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Bitcoin Soars to New Heights: Is $100K Next?

Daniel Kim Views  

Etnews
Etnews

According to the U.S. cryptocurrency exchange Coinbase, Bitcoin was trading at $92,355 per coin as of 5:09 PM on Tuesday, up 1.15% from the previous day. At one point, Bitcoin’s price surged past $94,000, surpassing the previous record of $93,400 set on November 13. This represents a staggering 35% increase from its price below $70,000 on U.S. election day, just two weeks prior.

This latest rally comes amid escalating tensions between Russia and Ukraine, largely fueled by Russian President Vladimir Putin’s ominous remarks about the potential use of nuclear weapons. As geopolitical instability mounts, Bitcoin is increasingly viewed as a “non-confiscatable” asset, much like other safe-haven investments, further cementing its position as a hedge against global uncertainty.

CNBC analysts observed that Bitcoin is increasingly regarded as a hedge against geopolitical uncertainty, akin to gold. They highlighted Bitcoin’s resilience, particularly during the U.S. banking crisis earlier this year.

Options trading for the iShares Bitcoin Trust ETF commenced on the New York Stock Exchange. Significant activity was also observed on the Nasdaq-listed BlackRock’s Bitcoin spot ETF, as the option for Bitcoin’s price increase dominated the trades.

Barron’s reported that a whopping 85% of the Bitcoin spot ETF options traded were call options, indicating a positive sentiment on Bitcoin’s future price movement.

Financial experts believe this new options trading will provide institutional investors with additional tools to minimize risks associated with Bitcoin investments.

Alex Thorn, Head of Firmwide Research at Galaxy Digital, explained that the likely impact of options trading could dampen Bitcoin’s volatility. This change may enable investors to take on larger positions with greater confidence.

Daniel Kim
content@viewusglobal.com

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