Bitcoin hit a new all-time high, surpassing $94,000 for the first time, fueled by reports of Donald Trump’s media company nearing an acquisition of crypto exchange Bakkt. This news sparked optimism about a cryptocurrency-friendly environment under Trump’s potential administration. The digital currency, which has more than doubled in value this year, was last trading at $92,104 in Asia, after briefly touching $94,078 earlier.
According to the Financial Times, Trump Media and Technology Group (which operates Truth Social) is close to completing an all-stock purchase of Bakkt, a crypto trading platform backed by the NYSE’s parent company, Intercontinental Exchange.
Market analyst Tony Sycamore from IG noted that Bitcoin’s record rally was driven by both the Trump deal and fresh activity in options trading tied to BlackRock’s Bitcoin ETF on Nasdaq. The cryptocurrency market has surged since the November 5th U.S. election, with traders betting that Trump’s pro-crypto stance will reduce regulatory burdens, helping to revive Bitcoin after months of stagnation.
As a result, the global cryptocurrency market has exceeded $3 trillion, a new milestone. Chris Weston, head of research at Pepperstone, observed strong buying momentum for Bitcoin, with further gains expected as investors look to capitalize on its strength.
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