Bitcoin breaches $94,000 for the first time
Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights
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 (BKKT.N), 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 (DJT.O), which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange (ICE.N).
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 (IBIT.O).
Advertisement · Scroll to continueReport this ad
Cryptocurrencies have soared since the Nov. 5 U.S. 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”.
Read Next
November 20, 2024
Indian news agency ANI sues OpenAI for unsanctioned content use in AI training
November 20, 2024
Australia critical infrastructure faces cyber threats, report says
November 19, 2024
itel A80, to be launched
November 18, 2024
Netflix back up for most users in US after outage, Downdetector shows
November 18, 2024
Crypto exchange OKX launches Singapore dollar funds transfer service for local customers
November 18, 2024
China’s Huawei starts taking pre-orders for Mate 70 smartphone
November 15, 2024
Netflix hopes for live sports knockout with Paul-Tyson fight
November 15, 2024
FTC’s Holyoak concerned AI collecting children’s data
November 15, 2024
US finalizes $6.6 billion chips award for TSMC ahead of Trump return
November 14, 2024
1xBet awarded valuable prizes to the winners of the WOW promo
