Surge in Bitcoin prices follows pro-crypto political victories, with traders betting on a $100,000 milestone by year-end.
Bitcoin’s value surged past $90,000 on Wednesday, marking a record high amid investor excitement surrounding a possible cryptocurrency renaissance as Donald Trump steps into his second term as U.S. president.
The election of Trump, who has openly endorsed crypto, has sparked a 30% rise in bitcoin’s price since Election Day, boosted by the success of dozens of congressional candidates supported by crypto-friendly political action committees.
Hitting $100,000
According to Jake Ostrovskis, an OTC trader at crypto market maker Wintermute, traders are betting that Bitcoin could hit $100,000 before the end of the year, with $850 million in options contracts speculating on this milestone by December 27.
The crypto industry, which contributed around $170 million to support candidates viewed as allies, is optimistic about a wave of deregulation and favorable policies.
Trump has promised to establish a national bitcoin reserve and aims to replace SEC Chair Gary Gensler, who has led a strict regulatory approach to crypto.
With aggregate open interest on Bitcoin derivatives soaring to $61 billion, investors are increasingly bullish, betting on bitcoin’s growth via options and perpetual futures contracts.
