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Bitcoin surged on Friday, reaching new heights as optimism surrounding friendlier U.S. regulations and a surge in options trading activity fueled the cryptocurrency’s rally. The world’s largest crypto asset climbed 1.9% to $98,870.4 by 06:17 GMT, with an intraday high of $99,289.3. This marks a weekly gain of 9.1%, propelling Bitcoin closer to the much-anticipated $100,000 milestone.
Bitcoin’s Meteoric Rise in 2024
Bitcoin has more than doubled in value this year, spurred by renewed optimism following Donald Trump’s election victory. The former president’s pledge to make the U.S. the “crypto capital of the planet” and his proposal to establish a Bitcoin national reserve have been key drivers of the rally. Reports of Trump considering a cabinet position dedicated to cryptocurrency regulation have further boosted market sentiment.
Boost from Blackrock’s Bitcoin ETF Options
The crypto’s recent surge was also bolstered by the launch of options tied to Blackrock’s iShares Bitcoin Trust (IBIT) exchange-traded fund. This development spurred a wave of call option buying, injecting fresh liquidity into the crypto market.
SEC Shake-Up Fuels Altcoin Gains
The resignation announcement of SEC Chair Gary Gensler, set for January 20, added to the buoyant mood in crypto markets. Gensler’s tenure saw aggressive regulatory actions against the industry, including high-profile lawsuits against Coinbase and Ripple.
Ripple’s XRP token soared 27% on Friday, reflecting hopes for a softer regulatory approach under a Trump-led administration. Traders anticipate that Gensler’s successor will adopt a more lenient stance, aligning with Trump’s pro-crypto agenda.
Altcoins Shine in Optimistic Market
The upbeat sentiment extended beyond Bitcoin, with major altcoins recording substantial gains. Ether rose 8.2% to $3,365.18, achieving a weekly increase of 7.5%. SOL jumped nearly 9%, while ADA and MATIC posted gains of 13.2% and 6.1%, respectively.
Meme tokens also rallied, with Dogecoin advancing 2.6% on the day and 8.3% for the week.
Bitcoin’s march toward $100,000 epitomizes the renewed vigor in cryptocurrency markets, fueled by regulatory optimism and innovative financial instruments. As Trump’s presidency draws closer, the industry looks set for a transformative era, with market participants eyeing further milestones and broader adoption across digital assets.
