Bitcoin is back in the limelight, edging close to its all-time peak, as the digital-asset industry experiences a resurgence fueled by favorable developments in the United States. The ascent, buoyed by policy optimism under President-elect Donald Trump and major corporate moves, underscores a broader institutional embrace of cryptocurrencies and blockchain technology.
The cryptocurrency surged to $92,606 on Monday, only slightly below last week’s record high, before stabilizing at $90,565 on Tuesday morning in Singapore. Bitcoin has soared by 35% since Trump’s election victory on November 5, where his platform emphasized making the U.S. the global crypto capital.
One of the week’s most significant headlines came from Trump Media & Technology Group Corp., which reportedly is in discussions to acquire Bakkt Holdings Inc., a major digital-asset marketplace. This potential acquisition caused a sharp rise in the stocks of both entities, reflecting investor enthusiasm for Trump’s pro-crypto agenda.
“This is another piece of positive news that is lifting sentiment,” noted Chris Weston, head of research at Pepperstone Group, in a client note. The move signals a strategic alignment between the incoming administration and the expanding digital-asset ecosystem, hinting at broader adoption.
The wave of crypto optimism extended to Wall Street, as Nasdaq Inc. announced plans to list options on the iShares Bitcoin Trust, which boasts a $43 billion valuation. Scheduled for as early as Tuesday, the new listing aims to broaden trading opportunities and attract more institutional investors to Bitcoin.
These options represent a pivotal step in deepening crypto’s integration into traditional financial markets. Meanwhile, Goldman Sachs Group Inc. is reportedly spinning out its digital-asset platform, further signaling growing interest among major financial institutions.
President-elect Trump’s turnaround from a crypto skeptic to a vocal advocate has been one of the key drivers of the recent market surge. Trump has promised to establish a robust regulatory framework that supports digital assets while hinting at creating a strategic Bitcoin stockpile for the U.S. government.
Though the specifics of these plans remain uncertain, their announcement has bolstered market sentiment. The likelihood of a comprehensive U.S. crypto bill being passed in 2025 has increased significantly, with Bloomberg Intelligence estimating a 70% chance.
Speculation about Bitcoin’s future trajectory is running high. Open interest in Bitcoin options is concentrated on bullish bets for the cryptocurrency reaching $100,000, according to data from the Deribit exchange.
Katie Stockton, a technical analyst at Fairlead Strategies LLC, highlighted that chart patterns suggest potential gains toward $98,100 in the coming weeks. Meanwhile, Tony Sycamore, a market analyst at IG Australia Pty, recommended buying during corrections around $80,000, reflecting ongoing confidence in the asset.
This optimism is underpinned by BlackRock Inc.’s iShares Bitcoin Trust, the world’s largest Bitcoin fund, which saw net inflows of $4 billion following Election Day. The addition of options on this trust is expected to draw new investments, further strengthening Bitcoin’s market position.
The crypto industry’s current exuberance contrasts sharply with the turbulent events of 2022. That year, a wave of scandals and market failures exposed risky practices and widespread fraud. The collapse of major platforms, including Sam Bankman-Fried’s FTX exchange, left a trail of financial losses and regulatory scrutiny.
Reminders of this turbulent history resurfaced on Monday, as Heather Morgan, infamously known as the “Crocodile of Wall Street,” was sentenced to 18 months in prison for laundering stolen Bitcoin. Her husband had hacked the Bitfinex exchange, with the stolen funds now valued in the billions.
Despite its volatile past, Bitcoin’s ongoing rally highlights a growing institutional interest. Major financial players, including BlackRock and Goldman Sachs, have been instrumental in pushing crypto into the mainstream.
In addition to Trump’s regulatory promises, initiatives like the iShares Bitcoin Trust have demonstrated how far the industry has come in gaining legitimacy. The Trust is one of 12 spot-Bitcoin exchange-traded funds (ETFs) now active in the U.S., collectively drawing billions in investments.
While the current optimism is undeniable, the path forward is not without obstacles. Questions remain about how feasible Trump’s proposed Bitcoin reserve will be and how long it will take to implement his broader crypto agenda.
Moreover, the broader crypto market must contend with ongoing regulatory uncertainty, global macroeconomic conditions, and competition from alternative blockchain technologies.
Bitcoin’s resurgence underlines its resilience as an asset class and the growing acceptance of digital currencies within traditional financial systems. Trump’s administration, backed by institutional players and a retail investor base, appears poised to propel the U.S. toward becoming a crypto powerhouse.
As crypto enthusiasts celebrate Bitcoin’s rally, the industry will need to sustain this momentum by delivering on promises of innovation, security, and utility. Whether Bitcoin crosses the $100,000 threshold remains to be seen, but for now, the digital asset has firmly reasserted itself in the financial spotlight.
