Bitcoin hit an all-time high of over $94,000 after reports surfaced that Donald Trump’s social media company was in talks to acquire Bakkt (BKKT.N), a crypto trading platform. This fueled hopes for a cryptocurrency-friendly approach under Trump’s administration.
The world’s largest cryptocurrency, Bitcoin, has more than doubled its value this year. On Wednesday during Asian trading hours, it was last seen at $92,104, following a record $94,078 reached late in the previous session.
The Financial Times reported, citing insider sources, that Trump Media and Technology Group (DJT.O), which operates Truth Social, is close to an all-stock deal to acquire Bakkt. Bakkt is backed by Intercontinental Exchange (ICE.N), the parent company of the New York Stock Exchange.
Tony Sycamore, a market analyst at IG, said Bitcoin’s surge was driven by the Trump deal rumors and traders capitalizing on the first day of options trading for BlackRock’s Bitcoin ETF (IBIT.O) on the Nasdaq.
Cryptocurrencies have gained momentum since the U.S. election on November 5. Traders believe Trump’s pro-digital asset stance could result in less restrictive regulations, reviving Bitcoin’s growth after months of stagnation.
The excitement has pushed the global cryptocurrency market’s value to a record $3 trillion, according to data from CoinGecko.
Chris Weston, head of research at Australian broker Pepperstone, noted that there is strong buying pressure for Bitcoin. He added, “Another upward move could trigger more buying from investors looking to ride the momentum.”
