Trump's Win and BlackRock ETF Push Bitcoin Past An All-Time High $94,000 Milestone

Donald Trump’s second term as the 47th president of the United States of America has revived the cryptocurrency market by large margins. Bitcoin reached another peak record of $94,000 from $92,104 which was recorded on Wednesday. This upsurge in the world’s biggest cryptocurrency resulted from the news that Donald Trump's social media company was negotiating to acquire crypto trading firm Bakkt. Bakkt, established in 2018, is a publicly listed company that caters to businesses and institutions within the cryptocurrency sector in the U.S. and internationally. This takeover speculation raised the expectations of a cryptocurrency-friendly approach by the upcoming Trump administration, eventually resulting in the increased value of Bitcoin.Another major development in the cryptocurrency and financial sector that resulted in the Bitcoin price surge was the initiation of options trading for BlackRock's iShares Bitcoin Trust. The addition of options trading to BlackRock's iShares Bitcoin Trust has significantly impacted the cryptocurrency market. On the initial trading day, the options saw a remarkable $1.9 billion in trading volume, greatly influencing the increase in Bitcoin's price. According to Tony Sycamore, a market analyst at IG, bitcoin reached a new all-time high due to reports of a potential deal with Trump and traders capitalizing on the Nasdaq's first day of options trading for BlackRock's Bitcoin ETF, citing Reuters. The value of Bitcoin has increased twofold since the start of this year. According to CoinGecko, this collective optimism surrounding cryptocurrency has led to its market value crossing the market value of $3 trillion. According to Chris Weston from Pepperstone, there is genuine buying interest in Bitcoin, and a further increase in price could attract more buyers looking for strong investments.