Bitcoin, the world’s largest and most renowned cryptocurrency, soared to an unprecedented high above $94,000 on Wednesday. This surge was fueled by reports suggesting that Donald Trump’s social media company is in discussions to acquire the crypto trading firm Bakkt, sparking optimism for a cryptocurrency-friendly environment under the anticipated Trump administration.
The cryptocurrency has more than doubled in value this year, recently trading at $92,104 during Asian market hours, after reaching a peak of $94,078 at the close of the previous session.
According to the Financial Times, which cited two individuals familiar with the matter, Trump Media and Technology Group, the operator of Truth Social, is nearing an all-stock acquisition deal with Bakkt. Bakkt is notably backed by Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE).
Market analyst Tony Sycamore from IG noted that the speculation surrounding the Trump deal, along with the initiation of options trading on the Nasdaq for BlackRock’s bitcoin ETF, has bolstered bitcoin’s ascent to record levels.
Since the U.S. election on November 5, cryptocurrencies have experienced a significant rally. Traders are betting that President-elect Trump’s commitment to supporting digital assets will result in a more lenient regulatory framework, revitalizing bitcoin after a period of stagnation.
This growing enthusiasm has propelled the global cryptocurrency market’s value to a record high, surpassing $3 trillion, according to data from analytics and aggregator platform CoinGecko.
Chris Weston, head of research at Australian online broker Pepperstone, highlighted the substantial buying pressure for bitcoin, suggesting that another upward movement could attract further interest from investors eager to capitalize on the cryptocurrency’s strength.
