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    Bitcoin surges past $95,000, poised to hit $100,000 as market cap tops $2 trillion

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    Bitcoin’s value reached over $95,000 for the first time, and it’s predicted to soon hit $100,000, increasing its market cap to over $2 trillion. This growth is attributed to the pro-crypto US government and recent rate cuts by the Federal Reserve. The surge has been boosted by interest in BlackRock’s IBIT options that follow Bitcoin prices, and a possible cryptocurrency-friendly SEC chair contender. The IBIT options had a successful opening, signaling growing institutional confidence in Bitcoin as a mainstream asset. The Republican victory has led to predictions that Bitcoin could reach up to $200,000 in the coming months.

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    It seems Bitcoin simply can’t be slowed down as its upwards trend, spurred by a recent Republican victory, is still zooming, with the cryptocurrency surpassing $95,000 for the first time ever today.

    Bitcoin was changing hands for above $95,900 during the early trading hours in Asia. It’s now less than 6% away from an impressive $100,000 — a level that will push its market cap above $2 trillion.

    In the last 14 days alone, Bitcoin has shot up nearly 30%, according to data. And what’s causing the surge? Well, we can partially thank the pro-crypto government in the U.S., and the Federal Reserve’s recent round of rate cuts which brought back traders’ appetite for risk. This uptrend has earned the nickname “Trump trade”, as all asset classes, from stocks to bonds, have been gaining ever since Donald Trump’s election win.

    People are also showing strong interest in the newly-offered BlackRock IBIT options, which follow Bitcoin prices and are physically settled. This interest, combined with a pro-crypto cabinet, has been a strong foundation for the Bitcoin run.

    As we reported here at CoinDesk just yesterday, it seems that Trump’s transition team is considering Teresa Goody Guillén, a partner at law firm BakerHostetler and co-lead of its blockchain team, as a potential candidate for the next SEC chair.

    In other related news, the IBIT options had an impressive $2 billion opening day, underscoring a shift in market structure. Singapore-based company, QCP Capital, stated, “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… 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.”

    Thanks to this market response, we may see new types of investors jumping in, bringing in diversified trading strategies, which could reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets.

    Even banks and traditional finance analysts are getting caught up in the Bitcoin frenzy, predicting it could reach as high as $200,000 in the coming months due to the Republican win.

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