SEC Greenlights Options Trading for BlackRock’s ETF – Bitcoin Price Could Reach $100,000 in 2024?

The SEC’s recent endorsement of options trading for BlackRock’s iShares Bitcoin ETF represents a notable advancement in the institutional adoption of Bitcoin.

This innovative financial instrument enables investors to manage risks more efficiently, enhancing trust in the cryptocurrency market.

As institutional interest continues to rise, some analysts anticipate that Bitcoin may reach the $100,000 threshold in 2024, further solidifying its status as a premier asset.

SEC Approves Options Trading for BlackRock’s iShares Bitcoin Trust

The U.S. Securities and Exchange Commission (SEC) has sanctioned the listing and trading of options on BlackRock’s iShares Bitcoin Trust (IBIT). This development allows investors to control and hedge their Bitcoin exposure via these new options.

The SEC has approved options on Blackrock’s $IBIT. #OptionsTrading #Bitcoin pic.twitter.com/fG3J7xyPjN

— Larrell Stennett (@lrrllstnntt) September 20, 2024

The options will adhere to U.S. exercise protocols, allowing for physical settlement and exercise prior to expiration. Rigorous oversight will be implemented to ensure compliance and deter market manipulation, akin to other ETF options.

• Physically settled options
• Exercise available before expiration
• Enhanced market compliance

JUST IN: BlackRock’s Spot #Bitcoin ETF Receives Options Approval from SEC
The SEC has officially granted accelerated approval for the listing and trading of options on the iShares Bitcoin Trust (IBIT) through Nasdaq ISE. pic.twitter.com/7C7kTY7gg4

— Cointelegraph (@Cointelegraph) September 20, 2024

This approval signifies a crucial milestone in Bitcoin’s incorporation into regulated markets, enhancing institutional confidence and potentially elevating Bitcoin demand.

MicroStrategy Boosts Bitcoin Holdings with $458M Purchase, Eyes $1B Total

MicroStrategy has augmented its Bitcoin (BTC) holdings, acquiring 7,420 BTC for $458.2 million between September 13 and 19, 2024, at an average price of $61,750. To finance this purchase, the company increased its initial $700 million convertible note offering to $1.01 billion.

MicroStrategy now possesses 252,220 BTC, valued at over $16 billion, obtained at an average price of $39,266 per BTC.

#ICYMI: MicroStrategy raises $1 billion via latest debt offering, reveals it bought 7,420 Bitcoin this week
Read the full article https://t.co/N7jp9n34F0 pic.twitter.com/IUscihZvks

— CryptoSlate (@CryptoSlate) September 20, 2024

Under CEO Michael Saylor’s leadership, MicroStrategy continues to spearhead corporate Bitcoin adoption, indicating intentions to acquire more. While the company’s stock fell by 1.5%, this reflects broader market dynamics.

• Total BTC: 252,220
• Average Price: $39,266 per BTC
• Purchase funded by $1.01B note offering

MicroStrategy’s assertive Bitcoin strategy bolsters institutional confidence, potentially driving BTC prices upward by decreasing available supply.

Trump’s Bitcoin Stunt Boosts Crypto Appeal with Pro-Crypto Stance

Former President Donald Trump made headlines on Free Cheeseburger Day by executing a public Bitcoin transaction at PubKey, a Bitcoin-themed bar in New York City.

JUST IN: Donald Trump bought almost $1,000 worth of burgers and drinks in #Bitcoin yesterday. pic.twitter.com/EOSRMMzCNp

— Bitcoin Magazine (@BitcoinMagazine) September 19, 2024

During the occasion, Trump expressed support for a pro-crypto regulatory framework and encouraged his supporters to vote in November.

Despite previously labeling Bitcoin a “scam,” Trump has now adopted a pro-cryptocurrency stance, raising $25 million in donations, primarily in Bitcoin.

• Trump promises pro-crypto regulatory reforms
• Raises $25 million, primarily in Bitcoin donations
• Pledges to replace SEC Chair with a crypto-friendly leader

In the room where it happens. pic.twitter.com/vlNOWtB1fU

— PUBKEY (@PubKey_NYC) September 18, 2024

Trump’s revised crypto position could enhance Bitcoin’s attractiveness and stimulate demand.

Bitcoin Tests Key Resistance at $63,000 Amid Bullish Run

Bitcoin (BTC/USD) is trading around $63,000 after reaching an intraday peak of $63,546. The price is currently encountering resistance near $63,800, which corresponds with the upper limit of the ascending channel.

Immediate resistance is identified at $64,154, with additional targets at $65,536 and $67,329.

On the downside, immediate support is observed at $62,357, followed by $60,777, where the upward trendline also provides psychological support around $60,000.

The 50-day EMA, located at $60,727, serves as another crucial technical indicator supporting the ongoing bullish momentum.

The Relative Strength Index (RSI) is at 61.72, having retreated from overbought conditions, indicating a possible bearish correction.

A decline below $62,000 could prompt further downward movement toward $60,600. However, if BTC maintains above $62,000, a bullish rally is likely to persist.

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The post Bitcoin Price Forecast: SEC Approves Options Trading for BlackRock’s ETF – $100,000 BTC Possible in 2024? appeared first on Cryptonews.