ANALYSIS: Pro-Cryptocurrency Pick to Run US Commerce Department, ETF Options Listing Pushes Bitcoin to New Highs

The price of bitcoin hit another record high, peaking at $93,905 per coin, as bitcoin ETF options hit the market, with the market expecting bitcoin ETF options by a high probability to increase financial institutions' exposure to bitcoin. Options contracts allow investors to buy or sell an asset at a specific price and at a predetermined time.Noelle Acheson, former head of market insights at Genesis, said that while bitcoin options are already offered on the Chicago Mercantile Exchange, spot options on bitcoin ETFs are a big deal for both retail investors and financial institutions. A deeper onshore derivatives market will increase the growing market complexity, which will boost investor confidence in bitcoin, bringing in new groups of investors while enabling more diverse investment and trading strategies. Additionally, earlier reports that pro-cryptocurrency Howard Lutnick would be nominated by Trump to be Secretary of Commerce also fuelled Bitcoin higher.