Bitcoin surged for the seventh day in a row, as options traders increased their bets that the cryptocurrencycurrency would soon surpass its peak in late 2021.
The biggest cryptocurrencycurrency gained 2.1%, reaching $62,694. Since last Friday, it has risen by about 20%, the highest weekly increase in a year.
With this remarkable spike, Bitcoin has made the highest weekly gain in a year and is closing in on its all-time high of over $69,000, which was hit in November 2021.
“There has been a significant uptick in activity around Bitcoin options, driven by the latest surge in BTC prices,” according to Aakash Desai, head of options trading at B2C2. “Bets on future price movements and market volatility have increased as a result of this.”
The market’s current outlook on Bitcoin is largely optimistic. The consistent price hikes, together with the burgeoning options trading sector, reflect optimism and trust in the future of cryptocurrencycurrencies.
The US government’s issuance of spot Bitcoin exchange-traded funds (ETFs) has played an important role in attracting new investors and reigniting interest in the cryptocurrencycurrency market.
The development and adoption of these ETFs has made Bitcoin more accessible, increasing its appeal.
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