The current upward trend is driven by several key factors:
1. Heightened institutional sector activity: Nasdaq is planning to list options worth $43 mln on BlackRock’s iShares Bitcoin Trust ETF (IBIT), and Goldman Sachs is looking to spin out its wholly-owned tokenization platform.
2. Political factor: Since Donald Trump victory in the November 5 election, bitcoin has rallied 37%. The President-Elect has announced plans to turn the US into the cryptocurrency capital of the planet.
3. Corporate activity: News that Trump Media & Technology Group Corp. is in advanced talks to buy crypto trading firm Bakkt Holdings Inc. attracted particular attention.