BTC Price: Bitcoin Hits $94,000-Mark For First Time, Here’s Why

Bitcoin At Record High: Bitcoin surged to a record high, exceeding $94,000, following reports that Donald Trump’s media company is in talks to acquire cryptocurrency trading platform Bakkt. This development has amplified hopes for a more cryptocurrency-friendly environment under the incoming Trump administration.  

The world’s largest cryptocurrency has more than doubled in value this year. During Asian trading hours on Wednesday, it was trading at $92,104 after reaching an all-time high of $94,078 late in the previous session.  

Bitcoin Zooms On Trump Deal Speculation

According to Reuters citing media reports, Trump Media and Technology Group, which owns the Truth Social platform, is nearing an all-stock deal to acquire Bakkt, a company supported by Intercontinental Exchange (NYSE-owner).  

Market analysts credit Bitcoin’s latest rally to the Trump deal report and the debut of options trading on BlackRock’s Bitcoin ETF on the Nasdaq. Tony Sycamore, an analyst at IG, noted these factors have bolstered market sentiment.  

US Elections Bring Optimism

Bitcoin’s meteoric rise follows the 5 November US election, with traders optimistic about President-elect Trump’s supportive stance on digital assets. Many expect his administration to introduce a less restrictive regulatory framework, sparking renewed enthusiasm in the cryptocurrency market after a sluggish period.  

The global cryptocurrency market has surged past a valuation of $3 trillion, according to data from CoinGecko. Chris Weston, head of research at Pepperstone, highlighted strong underlying demand for Bitcoin, suggesting further gains could attract more momentum-driven buyers.  

(With Reuters inputs)