Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the hreflang-tags-pro domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/wp-includes/functions.php on line 6121
[www-stage.newsbtc.com/news/bitcoin/bitcoin-price-almost-hits-98000-key-reasons/]
[wp-includes/functions.php:6121 trigger_error(), wp-includes/functions.php:6061 wp_trigger_error(), wp-includes/l10n.php:1371 _doing_it_wrong(), wp-includes/l10n.php:1409 _load_textdomain_just_in_time(), wp-includes/l10n.php:195 get_translations_for_domain(), wp-includes/l10n.php:307 translate(), wp-content/plugins/hreflang-tags-for-wordpress/includes/variables.php:24 __(), wp-content/plugins/hreflang-tags-for-wordpress/hreflang-tags-pro-main.php:45 include_once('wp-content/plugins/hreflang-tags-for-wordpress/includes/variables.php'), wp-content/plugins/hreflang-tags-for-wordpress/hreflang-tags-pro.php:40 require_once('wp-content/plugins/hreflang-tags-for-wordpress/hreflang-tags-pro-main.php'), wp-settings.php:545 include_once('wp-content/plugins/hreflang-tags-for-wordpress/hreflang-tags-pro.php'), wp-config.php:53 require_once('wp-settings.php'), wp-load.php:50 require_once('wp-config.php'), wp-blog-header.php:13 require_once('wp-load.php'), index.php:17 require('wp-blog-header.php')]

Bitcoin Price Almost Hits $98,000: Key Reasons Behind The Rally
NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Almost Hits $98,000: Key Reasons Behind The Rally

Jake Simmons
Jake Simmons
6 months ago
4 mins read
Bitcoin price news

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin has reached a new all-time high, surging to $97,852 on Binance. The cryptocurrency is up 5% in the last 24 hours and has gained an impressive 43% over the past 16 days since November 5. The momentum shows no signs of slowing as BTC price continues its steady ascent. Several key factors are driving this remarkable rally:

#1 US Strategic Bitcoin Reserve Trade

Following Donald Trump’s victory in the US presidential election, market sentiment has shifted significantly. The initial “Trump trade” has evolved into the “US Bitcoin Reserve Trade,” fueled by speculation that President-elect Trump may establish a Strategic Bitcoin Reserve (SBR). This follows his pledge at the Bitcoin 2024 conference in Nashville.

Industry insiders like David Bailey, CEO of BTC Inc and a Trump campaign advisor, and Dennis Porter, CEO of Satoshi Act Fund, have hinted at the possibility of the SBR becoming a reality. Both have urged that the SBR be established within the first 100 days of Trump’s presidency through an executive order. They warn of the United States potentially falling behind in the global race to accumulate BTC.

Related Reading

Countries are already buying Bitcoin Novogratz

Countries Are Already Buying Bitcoin ‘In Huge Volumes’, Says Novogratz

6 months ago

Bailey revealed on November 9, “There is at least one nation-state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully, we hear from them soon.” He emphasized his certainty with a meme, indicating his information is based on knowledge rather than speculation. Mike Novogratz, CEO of Galaxy Digital, confirmed in a recent interview with Bloomberg TV that “countries are already buying BTC in huge volumes.”

The “US Bitcoin Reserve Trade” is expected to continue until Trump’s inauguration on January 20. It remains to be seen whether Trump will follow through on his promises, potentially moving over 208,000 BTC confiscated by law enforcement into the reserve or even adopting Senator Cynthia Lummis’ Bitcoin Act proposal to purchase 1 million BTC over five years.

#2 Potential Appointment Of A ‘Crypto Czar’

A leak on Wednesday suggests that President-elect Trump’s team is in discussions about creating a new White House position dedicated solely to Bitcoin and crypto policy. Sources familiar with the transition efforts indicate that candidates are being vetted for this role.

If established, it would be the first-ever Bitcoin and crypto-specific White House position, underscoring the influence the nascent industry stands to wield in the incoming administration. It is unclear whether the role will be a senior White House staff position or a “crypto czar” overseeing policy and regulation across the federal government. Crypto industry advocates are pushing for the role to have a direct line to Trump – a massive news for the entire industry.

#3 Launch Of Bitcoin ETF Options

The introduction of Bitcoin ETF options has had a significant impact on the market. BlackRock’s iShares BTC Trust (IBIT) ETF options, launched on November 19, 2024, saw an unprecedented $1.9 billion in notional exposure on their first day of trading. Bloomberg ETF expert James Seyffart stated, “Final tally of IBIT’s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. These options were almost certainly part of the move to the new Bitcoin all-time highs today.”

Related Reading

price prediction US Bitcoin reserve

US Bitcoin Reserve Will Push Price Above $1 Million, Expert Predicts

6 months ago

Jeff Park, Head of Alpha Strategies at Bitwise Invest, recently highlighted the game-changing nature of Bitcoin ETF options:

With the approval by the SEC to list and trade Bitcoin ETF options, we are on the verge of witnessing the most extraordinary upside ‘vol’ of ‘vol’ in financial history. For the first time, Bitcoin’s notional value will be ‘fractionally banked’ with ETF options. This marks the most monumental advancement possible for the crypto market.

Park explained that Bitcoin ETF options provide a regulated market where the Options Clearing Corporation (OCC) protects clearing members from counterparty risks, allowing Bitcoin’s synthetic notional exposure to grow exponentially. He emphasized that this could lead to an explosive recursive effect on Bitcoin’s price due to unique volatility characteristics and the “volatility smile.”

If there were one thing to read today re the game-changing nature of Bitcoin ETF options, read (and bookmark) this one for 2025 – it’s going to be wild. pic.twitter.com/On2DmUsbHX

— Jeff Park (@dgt10011) September 20, 2024

#4 Surge In Spot Market And Bitcoin ETFs

The latest rally has also been driven by significant activity in the spot market. Heavy spot bids have propelled the price higher, with yesterday’s BTC ETF inflows being a crucial factor. Inflows amounted to $773.4 million, with BlackRock contributing $626.5 million, Fidelity $133.9 million, Bitwise $9.2 million, and ARK Invest $3.8 million. Over the past three days, US spot Bitcoin ETFs have purchased a staggering $1.856 billion worth of Bitcoin.

Good morning,

Yesterday’s Bitcoin ETF flows were positive for $773.4 million.

Blackrock did $626.5 million, Fidelity $133.9 million. (BTC the mini-ETF is still missing data)

Price slowly climbing higher from $92K up to $97k now.
Shitcoins are getting slaughtered.

source:… pic.twitter.com/WMYIj7WiYj

— WhalePanda (@WhalePanda) November 21, 2024

The total net asset value of US Bitcoin spot ETFs has exceeded $100 billion. Twelve Bitcoin ETFs, including those from BlackRock and Fidelity, were issued in January and have reached this milestone in just ten months.

At press time, BTC traded at $96,920.

Bitcoin price
BTC price, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Tweet123Share196ShareSend
Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin price news

Bitcoin Set For 50%+ Move Within 6 Months, Says Hedge Fund Boss

Bitcoin is currently changing hands just above $108,000, consolidating after Tuesday’s fresh all-time high. Charles Edwards, founder of the digital-asset...

Jake Simmons 1 week ago
Bitcoin

Bitcoin Diamond Hands Are Buying Again, Here’s Why It’s Bullish For The Market

Bitcoin has spent the last five days trading within a relatively narrow range between $106,229 and $111,807, following its recent...

Scott Matherson 1 week ago
Bitcoin Price Retreats

Bitcoin Price Touches Support Zone — Will Buyers Step In?

Bitcoin price started a fresh decline and tested the $106,800 zone. BTC is now consolidating and might aim for a...

Aayush Jindal 1 week ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin, Crypto, BTC

Bitcoin $106,800 Support Retest To Determine Next Move – Breakout Or Breakdown Ahead?

Rubmar Garcia 1 week ago
Bitcoin Up 15% in a Month, Analyst Cautions on MVRV Resistance Level

Bitcoin Up 15% in a Month, Analyst Cautions on MVRV Resistance Level

Samuel Edyme 1 week ago
bitcoin

Bitcoin Surges With Low Retail Interest – Is A Second Wave Coming?

Ash Tiwari 1 week ago

Premium Sponsors

Top Brands

Press Releases

  • A smart choice for XRP investors to passively earn money...

    1 week ago
  • Bitget Lists Ripple USD (RLUSD) to Expand Stablecoin...

    1 week ago
  • Bitget Lists Ripple USD (RLUSD) to Expand Stablecoin...

    1 week ago
  • Let everyone earn $10,0080 a day – CRYPTOMININGFIRM...

    1 week ago
  • Start RIPPLECOIN Mining cloud mining package through...

    1 week ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.