Bitcoin is on a streak of breaking all-time highs, registering a price above 93,000 last week, and has been teetering around the 90,000 range for at least a week.
On the night of the election, the highly volatile digital asset soared nearly 35 to surpass its peak valuation of 73,798, recorded in March. The flagship cryptocurrency's momentum is driven by the market optimism that President Trump will deliver on his promise of supporting the industry with regulatory policies that will benefit the asset class.
There were a couple of factors that may have helped push Bitcoin to new highs. On Monday, the Trump Media and Technology Group - a media company majority owned by the President-elect - revealed that it was in discussions to acquire crypto trading platform Bakkt. While details of the deal are yet to be revealed, the news was bullish for the market, resulting in several leading cryptocurrencies surging in price.
At the same time, Wall Street giant BlackRock added the feature to conduct options trading on its spot Bitcoin exchange-traded fund ETF - the iShares Bitcoin Trust ETF IBIT. The BTC options trade on IBIT saw an inflow of almost 2 billion, which may have supported Bitcoin's rally to 94,000.
