Bitcoin surged to an all-time high above $94,000 amid reports that Donald Trump’s media company is in talks to acquire the crypto trading firm Bakkt, fuelling hopes for a cryptocurrency-friendly stance under the incoming Trump administration.
The world’s largest cryptocurrency has more than doubled in value this year, reaching $94,078 late on Tuesday before settling at $92,104 during Asian trading hours on Wednesday.
The Financial Times, citing unnamed sources, reported that Trump Media and Technology Group, which operates the Truth Social platform, is nearing an all-stock deal to acquire Bakkt, a firm backed by Intercontinental Exchange, the owner of the New York Stock Exchange.
Tony Sycamore, a market analyst at IG, said Bitcoin’s record-breaking climb was spurred by speculation about the Trump-Bakkt deal and traders capitalising on the first day of options trading on Nasdaq for BlackRock’s Bitcoin ETF.
Cryptocurrencies have rallied sharply since the November 5 U.S. election, with traders betting that Trump’s pledges to support digital assets will usher in a more lenient regulatory environment and revitalise Bitcoin after months of subdued trading.
The excitement has pushed the global cryptocurrency market’s value to a record $3 trillion, according to analytics firm CoinGecko.
“There’s genuine buying momentum for Bitcoin,” said Chris Weston, head of research at Australian broker Pepperstone. “Another move higher could draw in more investors eager to chase a strong market."
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