Bitcoin breaches $94,000 for the first time
Reuters
Bitcoin hit a record high above $94,000, boosted by reports that Donald Trump's Truth Social is in advanced talks to acquire crypto trading firm Bakkt in an all-stock deal. This, coupled with the debut of BlackRock's Bitcoin ETF options on Nasdaq, has driven renewed interest in the cryptocurrency.
Tony Sycamore, an analyst at IG, noted that Bitcoin’s surge is supported by “the Trump deal talk” and the enthusiasm surrounding new trading opportunities.
The cryptocurrency market has also benefited from optimism over a potentially more crypto-friendly regulatory environment under a Trump administration. Since the U.S. election on November 5, traders have bet on policies that could reinvigorate digital assets, pushing Bitcoin’s value past $94,000 in Asian trading hours after hitting $94,078 in the prior session.
The excitement has propelled the global cryptocurrency market to a record valuation of over $3 trillion, according to CoinGecko.
Chris Weston, head of research at Pepperstone, commented, “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.”
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