United

Bitcoin

Optimism

Bitcoin, the biggest crypto, on Thursday morning breached past the much anticipated $97,000 level marking a new all-time high. BTC stood just 3% away from hitting the iconic $100K milestone. Optimism about crypto’s future in the United States is fueling the rally. 
The cumulative crypto market cap surged by more than 3% in the last 24 hours to stand at $3.17 trillion. Its 24-hour trading volume is running around $190 billion with a 5% jump. This spike comes in as speculation intensifies about Donald Trump’s team discussing creating a White House crypto policy role. From being a skeptic to a supporter, Trump’s pro-crypto shift is making high strides in the digital asset space. 
<h3 id="span-style-font-weight-400-bitcoin-rallies-to-97k-span">Bitcoin rallies to $97K</h3> 
<a href="https://www.cryptopolitan.com/bitcoin-ready-for-price-surge/">Bitcoin price</a> jumped by 6% in the last 24 hours, adding to the rally of 45% in the past 30 days. BTC is trading at an average price of $97,549, at the press time. Its 24-hour trading volume spiked by 12% to overtake the $84 billion mark. 
<figure id="attachment_616047" aria-describedby="caption-attachment-616047" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-616047 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/11/Bitcoin-pulls-in-97k-sets-sight-for-100k.jpg" alt="Bitcoin pulls in $97k, sets sight for $100k" width="1046" height="463" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/11/Bitcoin-pulls-in-97k-sets-sight-for-100k.jpg 1046w, https://www.cryptopolitan.com/wp-content/uploads/2024/11/Bitcoin-pulls-in-97k-sets-sight-for-100k-300x133.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/11/Bitcoin-pulls-in-97k-sets-sight-for-100k-768x340.jpg 768w" sizes="(max-width: 1046px) 100vw, 1046px">
 <figcaption id="caption-attachment-616047" class="wp-caption-text">
 Source: CoinMarketCap
 </figcaption>
</figure> 
Coinglass <a href="https://www.coinglass.com/LiquidationData" rel="nofollow noopener" target="_blank">data</a> shows that bulls are overpowering the bears in the epic battle towards the $100k. In the last 24 hours, more than $115 million worth of bets set on Bitcoin price action (both long and short) got liquidated. 
Over $93 million worth of liquidated bets turned out to be short positions (81%). This suggests that traders were hoping for correction but a positive trend supported BTC to gain more. 
Bitcoin ETFs in the US have surpassed $100 billion in total assets. This comes in just 10 months after their debut in January. The milestone ranks them among the fastest-growing fund categories ever. Issuers like BlackRock and Fidelity are leading the charge as the ETFs saw $773 million in net inflows on Wednesday as Bitcoin hit record highs. The rally continues as BTC pushes toward the $100,000 mark. 
Since Trump’s US Presidential election win on November 5, the crypto market has added $800 billion. Bitcoin bros see six-figure prices as the ultimate proof of its legitimacy as a modern store of value. But critics remain wary despite watching the record-breaking surge.&nbsp; However, Trump’s proposed supportive crypto framework and talks of a US Bitcoin reserve could reshape the market. 
<h3 id="span-style-font-weight-400-another-win-for-btc-span">Another win for BTC</h3> 
BlackRock’s iShares Bitcoin Trust (IBIT) options debuted on Nasdaq Tuesday. It amassed $2 billion in notional trading value. This is seen as a massive leap compared to other Bitcoin ETFs like BITO, which managed to hit $363 million on its first day back in 2021. 
The IBIT ETF itself clocked $4 billion in trading volume and ranked fourth for the day. It is just behind the SPY, QQQ, and IWM despite having a much smaller market cap. IBIT options face tight 25,000-contract position limits, much stricter than traditional financial products. 
From Zero to Web3 Pro: Your 90-Day <a href="https://www.cryptopolitan.com/crypto-career-launchpad-waitlist/?utm_source=cryptopolitan&amp;utm_medium=banner&amp;utm_campaign=ccl-waitlist-3" target="_blank">Career Launch Plan</a>

Bitcoin pulls in $97k, sets sight for $100k

Table of Contents

Cryptopolitan_News

Other articles published on Nov 21, 2024

Dogwifhat (WIF) Hits Golden Fib Level, Bulls Target 85% Rally

Gary Gensler Announces He Will Leave the SEC When Donald Trump Takes Office

Fraudsters Target Japan’s Local Digital Currencies, Prompting Security Concerns

FTX Fraud Case: Gary Wang Spared Prison, But Instead Forfeits $11 Billion

Crypto Phishing Scammers Target High-Ranking Executives

DegenLayer Introduces The First Memecoin Focused Blockchain

Join our free newsletter for daily crypto updates!