Bitcoin Nears $97K, Continuing Wild ‘Trump Trade’ Rally

BTC traded above $96,500 in early Asian hours, less than 6% from a landmark $100,000 figure that would push it above a $2 trillion market capitalization.

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Bitcoin (BTC) momentum shows no signs of slowing as a rally catalyzed by a Republican win earlier this month keeps on going, pushing the asset above $95,000 for the first time earlier Thursday.

BTC traded above $96,500 in early Asian hours, less than 4% from a landmark $100,000 figure that would push it above a $2 trillion market capitalization.

Uptober Forming Amid Rising Stablecoin Liquidity and Bitcoin Transactions

It has added nearly 30% in the past 14 days, data shows, driven by a pro-crypto government in the U.S. and a fresh round of rate cuts by the Federal Reserve that brought back risk appetite among traders. The run is being colloquially termed a “Trump trade” among traders, with all asset classes from stocks to bond gaining since Donald Trump’s election win.

Swift interest in the newly-offered BlackRock IBIT options, which track bitcoin prices and are physically settled, and a pro-crypto cabinet serve as a bedrock for the latest run.

As CoinDesk first reported Wednesday, the Trump transition team is considering Teresa Goody Guillén, partner at law firm BakerHostetler and co-lead of its blockchain team, among several candidates to become the next SEC chair, industry sources said.

Meanwhile, IBIT options launched to a $2 billion milestone on their first day, indicative of a shifting market structure.

“The options market for BlackRock's BTC spot ETF (IBIT) made a strong debut, trading an astounding 73k contracts within the first hour on Tuesday with a bullish call-to-put ratio of 4.4:1,” Singapore-based QCP Capital said in a Telegram message earlier Thursday. “This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class.”

“This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets,” they added.

Banks and traditional finance analysts have issued targets as high as $200,000 in the coming months on the Republican win.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

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