The price of Bitcoin rallied to nearly US$100,000 on November 22, reaching a new all-time high of US$99,645 as trading wrapped for the week.
The popular cryptocurrency has been rising on the heels of Donald Trump’s victory in the US presidential election, which saw Donald Trump and the Republican Party declare victory after securing all seven swing states and taking control of both the Senate and the House of Representatives.
After a tumultuous start to the week, Bitcoin investors celebrated five new all-time highs, igniting a wave of optimism across the crypto community.
After the US Federal Reserve dampened expectations last week of further interest rate cuts when it meets in December, Bitcoin’s volatility score reached a high of 3.34 on Monday, according to TradingView data, while its price fluctuated between US$89,000 and US$93,800 at the start of the week.
Tuesday’s debut of BlackRock’s Bitcoin ETF( NASDAQ:IBIT) options drove Bitcoin’s value up by over 2 percent as nearly US$2 billion poured into the newly approved funds on their first day. The ratio of call options to put options was 4.4 to 1, indicating more bets on Bitcoin’s price increasing than decreasing.
On Wednesday, Bitcoin broke US$94,000 for the first time in history in pre-market trading, marking the first of five new all-time highs this week.
The rally continued after Bloomberg News reported that Trump’s team was holding discussions with the digital asset industry about whether to create a new White House post solely dedicated to crypto policy. This lead to its next record high of US$97,000 just after midnight EST on Thursday (November 21), followed by an ascent to US$98,310 early on Thursday morning.
It pulled back slightly as trading commenced, then surged to US$99,500 following the news, reported by Reuters around 2:30 p.m. EST on Thursday, that US Securities and Exchange Commission Chairman Gary Gensler would be leaving his position on January 20.
Bitcoin’s opening price on Friday was US$97,915 and it notched its final all-time high price of US$99,645 at around 2:30 p.m. EST. It closed the week with a valuation of around US$99,300 following reports that Trump’s social media company filed for a trademark with the United States Patent and Trademark Office for computer software for use as a digital wallet, payment processing for crypto, fiat and trading in digital assets.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.