Republican

Shift

Bitcoin

Gains

<a href="https://yellow.com/asset/btc">Bitcoin</a>'s relentless momentum continues as the cryptocurrency's rally, sparked by a recent Republican victory, drives its value beyond the $96,000 mark for the first time this Thursday. This surge positions Bitcoin precariously close to the psychological $100,000 threshold, which would elevate its market capitalization past the $2 trillion milestone. 
Having registered a substantial 30% uptick over the past two weeks, Bitcoin's <a href="https://www.coindesk.com/markets/2024/11/21/bitcoin-nears-96k-continuing-wild-trump-trade-rally/">growth</a> is bolstered by supportive U.S. governmental policies towards crypto and a new series of rate reductions by the Federal Reserve. This environment has reignited traders' risk appetites, leading to what's colloquially dubbed as the "Trump trade," where varied asset classes have experienced gains since Donald Trump's electoral success. 
The introduction of BlackRock's IBIT options, designed to physically track Bitcoin and foster pro-crypto sentiment within the current administration, is bolstering this upward trajectory. Sources indicate that the Trump transition team is contemplating appointing Teresa Goody Guillén, a renowned blockchain legal expert, as the next SEC chair. 
Simultaneously, IBIT options saw an impressive $2 billion in transactions on their inaugural day, suggesting a shift in market dynamics. QCP Capital, a Singapore-based firm, reported via Telegram that these options debuted with a peak of 73,000 contracts within the first trading hour, boasting a call-to-put ratio of 4.4:1. This robust performance underscores growing institutional trust in Bitcoin as a legitimate asset class. 
QCP Capital remarked that this energy in the market is poised to invite new investors, fostering sophisticated trading strategies that could mitigate volatility and risk. This evolution could reinforce Bitcoin's status in mainstream financial markets. 
With financial institutions and analysts projecting Bitcoin targets of upwards to $200,000 in the aftermath of the Republican win, the cryptocurrency landscape may see significant shifts in the coming months.

Bitcoin Gains Even More Momentum, Closing in on $97K Amid U.S. Political Shift

Yellow News

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