Bitcoin, the largest and most well-known cryptocurrency in the world, surged to a record high above $94,000 on Wednesday as anticipations of a cryptocurrency-friendly government under the incoming Trump administration were bolstered by a rumor that Donald Trump’s social media company was in discussions to acquire cryptocurrency trading platform Bakkt.
This comes after bitcoin more than quadrupled in value this year. It reached a record high of $94,078 toward the close of the previous session and was last seen at $92,104 in Asian hours today.
Trump Media and Technology Group, the company that runs Truth Social, is reportedly nearing an all-stock purchase of Bakkt, supported by NYSE-owner Intercontinental Exchange, according to the Financial Times, which cited two people with information.
The Trump deal chatter story and traders taking benefit of the first day of options trading on the Nasdaq on BlackRock’s bitcoin ETF, according to Tony Sycamore, market analyst at IG, helped push bitcoin to a new high.
Since the US election on November 5, cryptocurrency prices have surged as investors have hoped that President-elect Trump’s pledged support for digital assets will result in a less stringent regulatory environment and give bitcoin a boost after a sluggish few months.
According to analytics and data aggregator CoinGecko, the increased enthusiasm has caused the value of the global cryptocurrency market to reach a record high of over $3 trillion.
There is genuine underlying purchasing demand for bitcoin, according to Chris Weston, head of research at Australian online broker Pepperstone, and “another kick higher could result in a fresh chase from people who like to buy what’s powerful.”
