India, July 12 -- Bitcoin shattered its all-time high on Thursday, going past $118,000 and even smashing the $119,000 barrier on Friday before settling at $118,780.

The rally comes amid a stock market tumble due to trade and tariff tensions caused by US President Donald Trump's tariff letters to more than 20 countries. It also breaks a two-month lean period for the cryptocurrency market, as Ether climbed above $3,000 for the first time since February.

But what has led to a sudden bull run in Bitcoin and the wider cryptocurrency circle, and how do the option traders view its future?

The Bitcoin surge comes just before 'Crypto Week,' when the US Congress will consider three major bills impacting regulations in the cryptocurrency market....