Bitcoin surpasses a new high of $94,000, with investors closely monitoring the Trump transition and ETF options.

On Wednesday, the stock market advanced past $94,000 for the first time as traders monitored President-elect Donald Trump's transition back to the White House and weighed early options trading on bitcoin ETFs.

According to Coin Metrics, the cryptocurrency's price was last higher by more than 1% at $94,461.75, which was lower than its earlier high of $94,834.33.

Meanwhile, jumped 8%, bringing its week-to-date gains to 36%, while shares rose only 2%.

Since the election, Bitcoin has consistently set new highs, although the pace has slowed down slightly since the post-election rally ended last week. There is optimism that President Trump will create a favorable environment for the cryptocurrency industry, with more supportive regulations and the possibility of a national strategic bitcoin reserve or stockpile.

This week, traders are closely monitoring Trump's upcoming appointments for Treasury Secretary and Securities and Exchange Commission chair.

Joel Kruger, market strategist at LMAX Group, stated that we are still in a phase of pricing in the Trump trade.

The approval of bitcoin and ETH spot ETFs and the commencement of options trading on those ETFs starting Tuesday are indications of the maturity of the crypto market, as pointed out by him.

The iShares Bitcoin Trust ETF (IBIT) began trading on the Nasdaq on Tuesday, while the Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), and Bitwise Bitcoin ETF (BITB) are expected to have options available on Wednesday.

Bitcoin's price may be affected by Nvidia earnings after the bell, as traders are looking forward to the event and institutional investors have become more comfortable with the cryptocurrency due to bitcoin ETFs.