Bitcoin price on November 22 skyrocketed, reaching a record high of over 99,000 USD
Bitcoin price on November 22, reached a record high of over 99,000 USD. So far, the world's largest cryptocurrency has increased 134% this year, and many experts predict that Bitcoin could reach 100,000 USD by the end of the year.
Bitcoin is on track to hit the $100,000 mark
Some analysts predict Bitcoin will hit $100,000 in the near future, and this goal is becoming increasingly feasible.
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Joel Kruger, chief market strategist at LMAX Group, commented that Bitcoin is currently on a strong growth trajectory and could surpass $100,000 before the end of the year.
He also pointed out that Bitcoin has increased by 64% since the beginning of the fourth quarter. In fact, Bitcoin has typically achieved an average growth rate of over 80% in the fourth quarters so far.
Kruger also emphasized that although the market is rising strongly, it does not mean that the price has been pushed too high. In fact, Bitcoin still has room to continue growing in 2024. According to him, Bitcoin can increase by about 16% to reach the average growth rate, and can surpass $ 100,000, even up to $ 110,000 before the end of this year.
One factor driving this growth is the launch of options trading for Bitcoin ETFs, with funds like BlackRock's iShares Bitcoin Trust and Grayscale Bitcoin Trust launching this week. These funds have attracted large inflows, with more than $1.9 billion invested in Bitcoin over the past week.
In addition, US President Donald Trump's policies also contribute to supporting the cryptocurrency market. Trump has pledged to prioritize the development of the cryptocurrency industry and plans to appoint important figures in his administration, such as Howard Lutnick, a Bitcoin supporter and founder of Cantor Fitzgerald, as head of the US Department of Commerce.
Mr. Lutnick is likely to play an important role in shaping policy for the cryptocurrency industry in the future.
Bernstein, an analytics firm, believes Bitcoin could hit $200,000 by 2025.
BlackRock Launches First Bitcoin ETF
The launch of the iShares Bitcoin Trust (IBIT) Bitcoin ETF by BlackRock, the world's largest asset manager, has triggered an impressive bull run in the cryptocurrency market.
On the first day of its launch, IBIT recorded a trading volume of up to $1.9 billion with 354,000 contracts executed. This figure far exceeded the $363 million achieved by ProShares' Bitcoin Strategy ETF on its launch day, affirming its strong appeal to institutional investors.
It is noteworthy that the majority of transactions were in call options, showing investors' confidence in Bitcoin's potential for price appreciation in the near future.
IBIT options contracts not only help investors optimize profits from Bitcoin price fluctuations but also provide a more effective tool to protect their investment portfolio. Many experts predict that, with the current growth, Bitcoin can completely reach the threshold of 100,000 USD by the end of 2024.
Although IBIT's trading volume is still lower than that of traditional ETFs such as SPDR Gold Shares (GLD), the participation of other large institutions such as Grayscale and Bitwise in the coming time is expected to continue to inject capital into the Bitcoin market. This will not only promote the popularity of Bitcoin globally but also strengthen its position in the international financial system.
BlackRock’s entry into the cryptocurrency market through the IBIT fund is a significant milestone, not only for Bitcoin but for the entire digital asset industry. This demonstrates that Bitcoin is increasingly being recognized as a mainstream investment asset, paving the way for a promising future for the cryptocurrency market.
SEC Aims to Complete Crypto Regulation by 2025
The US Securities and Exchange Commission (SEC) is planning to establish clear regulations for the cryptocurrency market by 2025. The goal is to create a stable legal environment, promote the sustainable development of Bitcoin and other digital assets, and protect the interests of investors.
The SEC plans to focus on overseeing financial products related to cryptocurrencies, especially Bitcoin and Ethereum ETFs. In addition, the agency will focus on managing risks from blockchain technology and protecting investors from potential risks such as fraud or market manipulation.
While the current SEC Chairman, Gary Gensler, is likely to leave office, the agency’s strategic direction toward the cryptocurrency market is not expected to change. Gensler has emphasized the need to balance investor protection and facilitating the development of new technology.
However, recent moves by the SEC, such as major lawsuits against Coinbase and Ripple, have sparked controversy, with some arguing that overly strict regulation could stifle innovation and creativity in the industry.
While new regulations may cause short-term volatility, the SEC believes that establishing a transparent regulatory framework will have major long-term benefits. This will not only help stabilize the market but also increase investor confidence.
With this approach, the SEC hopes to pave the way for the sustainable development of the cryptocurrency market, especially Bitcoin, in the coming years. This will help the market become a safer and more reliable investment channel for both individual and institutional investors.
President-elect Donald Trump prioritizes the development of the cryptocurrency industry
Earlier this week, Trump said he planned to nominate Cantor Fitzgerald CEO Howard Lutnick to head the US Commerce Department, which would be responsible for administering tariffs and investigating trade practices.
Lutnick is a strong supporter of cryptocurrencies. He could also play a key role in shaping policies for the digital asset industry.
At a Bitcoin conference earlier this year, Lutnick called Cantor Fitzgerald “the best investment bank for digital assets,” adding that the bank is also the custodian of Tether, one of the most widely used stablecoins.
At the conference, Lutnick also shared that he is “a fan” of Bitcoin and “of course” he owns Bitcoin.
Trump also spoke with Coinbase CEO Brian Armstrong earlier this week to discuss the cryptocurrency industry, Fortune reported. The two are said to be meeting to discuss options for Trump's cabinet positions.
Additionally, the parent company of social network Truth Social, Trump Media & Technology, is also said to be close to a deal to acquire cryptocurrency trading company Bakkt.