Bitcoin Hits Record High Amid Trump Victory

Bitcoin has reached a new all-time high, trading near $95,000, fueled by the commencement of options trading on Bitcoin ETFs such as BlackRock's IBIT, which saw significant options activity. This surge is attributed to several factors, including Donald Trump's presidential election victory, his favorable stance on cryptocurrency, and potential acquisition of Bakkt by Trump Media. Despite the bullish sentiment, analytics firm CryptoQuant warns of potential overvaluation, as indicators like the MVRV ratio and the Crypto Fear and Greed Index suggest a possible price peak. Institutional investments and the upcoming Bitcoin halving event are also contributing to the rising price, with companies like MicroStrategy further increasing their Bitcoin holdings. However, the involvement of options trading raises concerns about potential market manipulation akin to traditional financial markets.