Bitcoin briefly surged to $99,000 hitting a new all-time high on November 21st, and is currently priced at $98,471.31, while Ethereum is at $3,356, up by +9.33% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 50.4% long versus 49.6% short positions. The Fear and Greed Index, which measures market sentiment, was at 82 yesterday and maintains the Extreme Greed level at 94 today. Bitcoin surged past $99,000 after news broke that SEC Chair Gary Gensler will step down on Jan. 20—the same day Donald Trump returns to the White House. Investors expect Trump's presidency to bring a more crypto-friendly stance, fueling bullish momentum for Bitcoin. With pro-crypto policies anticipated, Bitcoin continues its rapid climb, reaching new highs and nearing the $100,000 milestone.

1. BTC breaks through $99,000, setting a new all-time high.

2. Tether (USDT) market cap breaks through $130 billion, setting a new high.

3. Bitcoin mining company MARA completed $1 billion convertible note financing.

 Crypto Fear & Greed Index | Source: Alternative.me 

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Source: KuCoin 24HR BTC/USDT Chart

Bitcoin (BTC-USD) jumped to $99,000 as traders reacted to news of SEC Chair Gary Gensler's resignation. This change coincides with Trump's upcoming presidency, which could introduce more favorable crypto regulations. Bitcoin has climbed 40% since Trump's victory earlier this month, with investors eyeing the symbolic $100,000 target. Reports suggest Trump's team is discussing the creation of a dedicated crypto policy office, which has fueled more optimism.

Trump’s Pro-Crypto Sentiment Drives Bitcoin Higher

Trump's focus on crypto policy has encouraged investors. Galaxy Digital’s CEO Mike Novogratz expects Trump's SEC pick to be positive for Bitcoin, highlighting the pro-crypto sentiment within his team. Trump's victory has sparked discussions of creating a national Bitcoin stockpile, adding to the excitement. News that Trump Media & Technology Group may acquire crypto trading company Bakkt has further boosted confidence, signaling broader engagement with blockchain.

Read more: Bitcoin Nears $100K Amid 'Trump Trade' Surge: Key Drivers and Impacts

Bitcoin ETFs See Big Inflows Following Trump's Win

Source: Google

The introduction of new options tied to IBIT, which began trading on the Nasdaq on Nov. 19, has also contributed to increased liquidity and volume in the crypto market. BlackRock’s iShares Bitcoin Trust (IBIT) gained $13 billion, pushing assets past $40 billion, just 10 months since its launch. This growth came right after Trump's election win. New options tied to IBIT began trading on Nasdaq, boosting crypto trading volume even further.

Options trading provides investors with more avenues to manage risk and gain exposure to Bitcoin without directly holding the asset, which often draws in institutional capital. These options contracts attracted significant interest from traders looking to capitalize on Bitcoin's recent volatility, further driving inflows into Bitcoin-related products.

Read More: Bitcoin Breaks $96K, Memecoins Drive Solana to $8.35 Billion Revenue, MicroStrategy’s $26 Billion Bitcoin Now Outpaces Nike and IBM: Nov 21

Source: CryptoSlam.io

NFTs also surged as the crypto market rallied. Weekly NFT sales hit $181 million, up 94% from the previous week. Ethereum NFTs led with $67 million in sales—a 111% increase—while Bitcoin-based NFTs reached $60 million, up 115%. This uptick breaks a seven-month decline, signaling renewed interest in digital collectibles. The average NFT sale grew to $133 from $71, an 87% increase, showing stronger demand amid rising market optimism.

Source: Cryptoslam.io

The average value per NFT transaction also jumped significantly with the average NFT sale price rising from $71.11 to $133.08—an 87% increase. This growth demonstrates that collectors are willing to pay more for NFTs during periods of positive sentiment, which was fueled by the overall market's bullish outlook. Additionally, Solana, Mythos Chain, Immutable, Polygon, and BNB Chain collectively recorded $45.5 million in weekly sales, highlighting the broader market resurgence across multiple blockchain networks.

Source: KuCoin 24HR Chart ETH/USDT

Ethereum’s network activity jumped, with on-chain volume reaching $7.13 billion on Nov. 15, the highest daily volume in 2024. This beat the previous peak in March and represents an 85% increase since Nov. 1. As Bitcoin rallied to new highs, Ethereum benefited, with investors reallocating funds across the crypto space. Analysts expect Ethereum's volume to continue rising as capital flows into decentralized trading environments.

Ethereum’s increase in trading volume coincided with major inflows from institutional investors. These investors sought exposure to both Bitcoin and Ethereum ETFs, which were recently approved in the U.S., marking a shift from a regulatory crackdown to a more open attitude towards crypto investment. The daily volume represents an 85% increase from Nov. 1, where it stood at $3.84 billion, and this spike highlights the renewed speculative interest in Ethereum, driven by market conditions that favor high-risk assets amid regulatory optimism.

Bitcoin's rise to $99,000 marks a major milestone, driven by a shifting regulatory environment and increased institutional adoption. The market has welcomed the upcoming changes at the SEC and Trump's return, sparking fresh optimism. Institutional moves like BlackRock's Bitcoin ETF growth show increased confidence in digital assets. Meanwhile, NFTs and Ethereum have joined in on the market rally, both experiencing strong growth. As Bitcoin approaches the $100,000 level, the crypto space braces for more significant developments and a potentially groundbreaking phase.