Share this article
Bitcoin Crosses $97K, Continuing Wild ‘Trump Trade’ Rally
BTC traded above $96,500 in early Asian hours, less than 6% from a landmark $100,000 figure that would push it above a $2 trillion market capitalization.
Updated Nov 21, 2024, 5:17 a.m. Published Nov 21, 2024, 3:59 a.m.
Bitcoin momentum shows no signs of slowing as a rally catalyzed by a Republican win earlier this month keeps on going, pushing the asset above $97,000 for the first time earlier Thursday.
BTC traded above $97,500 in early Asian hours, less than 3% from a landmark $100,000 figure that would push it above a $2 trillion market capitalization.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
It has added nearly 30% in the past 14 days, data shows, driven by a pro-crypto government in the U.S. and a fresh round of rate cuts by the Federal Reserve that brought back risk appetite among traders. The run is being colloquially termed a “Trump trade” among traders, with all asset classes from stocks to bond gaining since Donald Trump’s election win.
Swift interest in the newly-offered BlackRock IBIT options, which track bitcoin prices and are physically settled, and a pro-crypto cabinet serve as a bedrock for the latest run.
As CoinDesk first reported Wednesday, the Trump transition team is considering Teresa Goody Guillén, partner at law firm BakerHostetler and co-lead of its blockchain team, among several candidates to become the next SEC chair, industry sources said.
Meanwhile, IBIT options launched to a $2 billion milestone on their first day, indicative of a shifting market structure.
“The options market for BlackRock's BTC spot ETF (IBIT) made a strong debut, trading an astounding 73k contracts within the first hour on Tuesday with a bullish call-to-put ratio of 4.4:1,” Singapore-based QCP Capital said in a Telegram message earlier Thursday. “This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class.”
“This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets,” they added.
Banks and traditional finance analysts have issued targets as high as $200,000 in the coming months on the Republican win.
UPDATE (Nov. 21, 05:15 UTC): Updates prices throughout.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Lighter trading platform sees $250 million withdrawn 24 hours after airdrop
Bubblemaps CEO says outflows seen on Lighter on Dec. 31 are not uncommon as users rebalance hedging positions and move on to the next farming opportunity.
What to know:
- Approximately $250 million was withdrawn from Lighter after its $675 million LIT token airdrop.
- The withdrawals represent about 20% of Lighter's total value locked, according to Bubblemaps CEO Nicolas Vaiman.
- Large withdrawals post-token generation events are common as early participants exit, says CertiK's Natalie Newson.
Top Stories
