TLDR
Bitcoin surged to $89,500, setting a new all-time high
Bitcoin’s market cap has surpassed silver
Scott Bessent, a pro-crypto figure, has 87% odds of becoming next US Treasury Secretary under Trump
Bitcoin has gained over 30% since Trump’s election win
BTC futures open interest reached record levels at $54.50 billion
Bitcoin reached new heights today, climbing to $89,500 as market enthusiasm grows over potential pro-crypto leadership in the US Treasury.
The digital currency’s meteoric rise comes amid news that Scott Bessent, a cryptocurrency advocate, has emerged as the leading candidate for US Treasury Secretary in the incoming administration.
The price movement represents a more than 30% increase since the recent presidential election, pushing Bitcoin’s market capitalization above that of silver. Trading volumes have surged 77% in the last 24 hours, indicating strong market participation and renewed investor interest.
Data from cryptocurrency analytics platform Coinglass shows Bitcoin futures open interest has reached unprecedented levels.
The total futures open interest has increased by 4% in the past four hours and 11% over the last day, with 607,560 Bitcoin futures now valued at $54.50 billion.
Bessent’s potential appointment has captured the attention of market observers. According to prediction market Polymarket, the odds of his nomination have risen to 87%, outpacing other candidates including John Paulson, Robert Lighthizer, and Howard Lutnick.
Former Treasury Secretary Steven Mnuchin and JPMorgan CEO Jamie Dimon have both declined consideration for the position.
The founder of Key Square Group, Bessent has previously expressed strong support for Bitcoin and cryptocurrency markets. He has been quoted saying,
“I think everything is on the table with Bitcoin. One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before.”
Market analysts point to institutional investment as a key driver behind Bitcoin’s recent performance. Large investment firms have increased their cryptocurrency holdings, viewing Bitcoin as a potential hedge against inflation.
Yesterday’s trading saw Bitcoin gain £8,300 in a single day, marking one of its largest daily increases on record. The digital currency now sits just 10% away from the psychologically important $100,000 mark.
The futures market data suggests continued bullish sentiment. The increase in open interest, particularly over short time frames, indicates traders are opening new positions rather than closing existing ones.
Technical indicators show strong buying pressure, with the cryptocurrency trading well above key moving averages. The 24-hour trading range has been between $80,818 and $89,859, demonstrating high volatility but maintaining an upward trajectory.
Matthew Sigel, head of digital asset research at VanEck, commented on the potential impact of Bessent’s appointment, describing it as a “groundbreaking choice to appoint a Financial Chief free from Fiat Fidelity.”
The cryptocurrency market’s response has extended beyond Bitcoin. Dogecoin has doubled in value over 48 hours, influenced by Elon Musk’s new role as White House advisor.
Trading volume analysis shows broad-based participation from both retail and institutional investors. Market depth indicators suggest strong support levels have formed at recent price points.
The rally has maintained momentum despite typical market hours ending, with Asian and European trading sessions continuing the upward trend established in US markets.
Price action has remained consistently strong across major cryptocurrency exchanges, with minimal arbitrage opportunities indicating efficient market pricing.
Order book data reveals substantial buy walls have formed below current price levels, potentially providing support for further upward movement.
