Bitcoin surged to a new all-time high, surpassing $94,000 for the first time, driven by a combination of factors including market speculation and a report on potential developments involving former President Donald Trump’s media company, Reuters reports.
The cryptocurrency reached a peak of $94,078 late in the trading session, before settling at $92,104 during Asian hours on Wednesday.
The boost in Bitcoin’s value comes after reports that Trump Media and Technology Group (TMTG), the parent company of Truth Social, is in discussions to acquire crypto trading firm Bakkt in an all-stock deal. Bakkt is a cryptocurrency platform backed by the Intercontinental Exchange (ICE), which also owns the New York Stock Exchange (NYSE). This news has fueled optimism that a potential Trump administration could bring more favorable regulations for digital assets, adding to the market’s bullish sentiment.
Market analysts have noted that the excitement surrounding Bitcoin is also tied to broader trends, including the launch of options trading for BlackRock’s Bitcoin ETF on the Nasdaq. Tony Sycamore, a market analyst at IG, highlighted the importance of both the Trump-related news and the ETF-related developments in driving the record highs.
Bitcoin’s recent rally has been part of a broader surge in cryptocurrencies, which has seen the total value of the global crypto market exceed $3 trillion, according to data from CoinGecko. This increase follows the US midterm elections on November 5, with many traders betting that a potential Trump-backed regulatory environment could offer greater support for digital assets, after a period of market stagnation in the preceding months.
Experts such as Chris Weston, head of research at Australian online broker Pepperstone, suggest there is genuine buying interest in Bitcoin, and further price increases could draw in additional investors.
