Bitcoin Reaches Record $93,000 Amid U.S. Demand Surge; Market Cap Hits $1.6 Trillion

Bitcoin has hit an all-time high of $93,000, thanks to strong demand from the U.S. This surge has pushed its market cap to $1.6 trillion, making it the seventh largest asset in the world.

Interestingly, spot purchases of Bitcoin are outpacing futures trading, even as open interest reaches new heights. In a surprising turn of events, the FBI raided the home of the Polymarket CEO. Additionally, Bitcoin miner outflows have soared to $2.2 billion.

Experts at Bitwise believe Bitcoin could reach $500,000. Meanwhile, VanEck has set a price target of $180,000 for this market cycle. However, Galaxy’s CEO suggests that the U.S. Bitcoin reserve probably won’t surpass certain levels.

In other news, Blackrock has expanded its BUIDL initiative to include five new blockchains. Their ETF assets have also jumped by $3 billion in just five days.

Ethereum has rolled out a new feature for smart contracts, enhancing its capabilities. On the political front, pro-crypto Senator Thune is now the Senate Majority Leader, which could signal positive changes for the industry.

Moonpay has introduced a zero-fee fiat onboarding process, making it easier for users. Coinbase has become the top finance app, and they’re planning to add a tap-to-pay feature to their wallet.

The Cardano Foundation reported Bitcoin holdings worth $100 million, while Tesla’s Bitcoin stash has exceeded $1 billion. Hashkey has indicated that China may ease its crypto policy in two years.

Lastly, Linea has announced plans to launch a new token in 2025. Sadly, crypto influencer Mirshahi has been found deceased.