Why Bitcoin Is Going Up: What’s Behind the $BTC Rally?

19-11-2024

Why Bitcoin Is Going Up Today: Nasdaq’s BTC Options ETF Trading Starts

Bitcoin Options ETF to Start Trading Today, Boosting Market Sentiment

The Bitcoin Options ETF is set to launch today, bringing a wave of optimism to the cryptocurrency market. Bloomberg reports that Nasdaq Inc. plans to initiate options trading on BlackRock Inc.’s Bitcoin ETF. This significant move allows traders to utilize derivatives for positioning their bets on Bitcoin’s performance, whether bullish or bearish.

Rising Interest in Bitcoin ETFs and Institutional Involvement

This news follows the strong momentum surrounding the US Spot Bitcoin ETF, which has seen a resurgence in institutional participation. Farside Investors data shows that on November 18, the US Spot Bitcoin ETF recorded a substantial $254.8 million inflow after facing outflows on the previous two days. This indicates growing trust and interest in digital asset investments.

Metaplanet’s Bitcoin Purchase: A Strategic Move

Japanese public-listed company Metaplanet has made headlines with its recent acquisition of 124 Bitcoins, valued at 1.75 billion Japanese Yen. This move raises the firm’s total Bitcoin holdings to over 1,100 BTC and has positively impacted its stock price, which surged by 15%. Metaplanet’s strategy mirrors that of MicroStrategy’s well-documented Bitcoin acquisition approach.

MicroStrategy’s Record-Breaking BTC Investment

MicroStrategy’s CEO, Michael Saylor, announced the company’s latest acquisition of 51,780 Bitcoins, amounting to a $4.6 billion investment—the largest single-day purchase in the company’s Bitcoin strategy history since 2020. This purchase contributed to a surge in Bitcoin’s price, which reached over $92,000 on November 18.

Bitcoin Price Outlook: $100K Target ?

Fueled by the recent record-breaking purchase and optimism surrounding Bitcoin ETFs, Bitcoin’s price has risen by 35% since Donald Trump’s election win. Michael Saylor anticipates that BTC could exceed $100,000 by the time Trump is inaugurated in January.

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About the Author Lokesh Gupta

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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.