SINGAPORE- Bitcoin rose to a record high above $94,000 as a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt added to hopes of a cryptocurrency-friendly regime under the incoming Trump administration.
Bitcoin the world’s biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session.
The Financial Times, citing two people with knowledge, said Trump Media and Technology Group which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange
Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF
Cryptocurrencies have soared since the Nov. 5 US election as traders bet President-elect Trump’s promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.
The growing excitement has taken the global cryptocurrency market’s value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and “another kick higher should bring in a fresh chase from those who like to buy what’s strong”.
The global cryptocurrency market’s value has topped $3 trillion as the election of Donald Trump as US president spurred bets that friendlier US regulation could usher in a new boom for all corners of the asset class.
The sum market value of cryptocurrencies touched a high of nearly $3.2 trillion early on Nov. 14 in Asia, based on analytics and data aggregator CoinGecko, and was last just shy of that level.
That puts it above the heady days of 2021, when pandemic-era stimulus pumped up speculative investments, and marks a revival from just a few months ago when crypto prices and turnover had flatlined. Bitcoin dominates the crypto market, and the market value milestone coincided with the token’s rise to a record $93,480
