Bitcoin has hit a record all-time high above $94,000 for the first time amid reports that US President-elect Donald Trump‘s social media company was in talks to buy crypto trading firm Bakkt, Reuters reported on November 20.
The reports fuelled hopes that Trump’s second time in the White House will bring a crypto-friendly administration, it added.
Record High Milestone
The world’s biggest cryptocurrency has more than doubled through 2024. It hit the record $94,078 milestone just at the end of the previous session, before paring to $92,104 in Asia early on November 20.
Why The Hike?
The Financial Times, citing two people with knowledge, said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF.
Cryptocurrencies have soared since the Nov. 5 U.S. election as traders bet President-elect Trump’s promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.
The growing excitement has taken the global cryptocurrency market’s value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and “another kick higher should bring in a fresh chase from those who like to buy what’s strong”.
(With inputs from Reuters)
