Bitcoin has surged to a record high of over $94,000, fueled by reports that Donald Trump’s media company is in discussions to acquire cryptocurrency trading platform Bakkt. This development has heightened expectations for a cryptocurrency-friendly regulatory environment under the incoming Trump administration.
As of Wednesday morning, Bitcoin was trading at approximately $92,104 after reaching a peak of $94,078 during the previous session. The world’s largest cryptocurrency has more than doubled in value this year, reflecting significant market enthusiasm. Since Trump’s election victory, Bitcoin has jumped about 35%, driven by optimism that his administration will support digital assets and create a more favorable regulatory landscape.
The Financial Times reported that Trump Media and Technology Group, which operates the social media platform Truth Social, is nearing an all-stock deal to acquire Bakkt, which is backed by the Intercontinental Exchange. Market analysts noted that Bitcoin’s rise was bolstered not only by this acquisition talk but also by the commencement of options trading on BlackRock’s iShares Bitcoin Trust, which provided new opportunities for investors to hedge and speculate on Bitcoin’s price.
The cryptocurrency market has seen substantial gains since the November 5 U.S. election, with traders betting on Trump’s potential support for digital currencies. This optimism has propelled the global cryptocurrency market’s total value to over $3 trillion, a record high according to data aggregator CoinGecko.
Chris Weston, head of research at Pepperstone, highlighted the strong buying pressure for Bitcoin, suggesting that further upward movement could attract additional investors looking to capitalize on its momentum.
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