Cryptocurrencies have surged since the November 5 US election as traders bet that President-elect Trump’s promised support for digital assets would lead to a less restrictive regulatory regime.
Bitcoin hit a record high above $94,000 on reports that Donald Trump’s social media company is in talks to buy crypto trading firm Bakt, adding to hopes of a cryptocurrency-friendly regime under the incoming Trump administration.
Bitcoin, the world’s largest 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 of $94,078 at the end of the previous session.
Financial TimesTrump is close to an all-stock acquisition of the media and technology group Bakkt, which runs Truth Social, which is backed by NYSE-owner Intercontinental Exchange, two people with knowledge said.
Tony Sycamore, a market analyst at IG, said bitcoin’s rise to record highs was supported by traders taking advantage of the Trump deal talk report as well as the first day of options trading on BlackRock’s Bitcoin ETF on the Nasdaq.
The cryptocurrency has surged since the Nov. 5 U.S. election as traders hoped President-elect Trump’s promised support for digital assets would lead to a less restrictive regulatory regime and inject life back into bitcoin after months without a listing.
Based on analytics and data aggregator CoinGecko, the growing excitement has driven the value of the global cryptocurrency market to a record high of over $3 trillion.
Chris Weston, head of research at Australian online broker Pepperstone, said there was real buying pressure for bitcoin and “another kick higher should prompt fresh chasing from those who prefer to buy the strong”.