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Bitcoin surged to another new all-time record price on Wednesday, just a few days after its last new high.
According to CoinGecko, Bitcoin has changed hands for nearly $78 billion over the past 24 hours.
The bullish price action follows after spot Bitcoin ETF options began trading in the U.S. for BlackRock's iShares Bitcoin Trust (IBIT). The new derivatives contracts allow traders to bet on whether—and how quickly—shares of the fund will increase or decrease in price.
On the first day, $1.9 billion worth of notional exposure was traded on the first day for the new Nasdaq option contracts.
The asset has also been boosted by several bullish catalysts this year. These include the approval of the U.S. Spot Exchange-Traded Funds from the Securities and Exchange Commission and the Republican victory in the Presidential Election.
Donald Trump, the President-elect Donald Trump, has pledged to promote industry growth by establishing several policy initiatives. This includes establishing a Bitcoin reserve in the United States.
CoinGecko’s data shows that Bitcoin prices reached an all-time record high of $93,500 yesterday. They then jumped past $94,000.
Valentin Fournier, an analyst at trading firm BRN, said Wednesday that the lofty price action backs up the company's belief that Bitcoin is not only going to reach $100,000 before the end of the year—it's going to surpass it.
"This confirms our thesis of an accumulation phase before a year-end breakout," He wrote. "If this momentum persists, Bitcoin prices could reach $120,000 before 2025, driven by growing retail interest in its robust performance and long-term potential since the U.S. presidential election."
Andrew Hayward is the editor
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