Today’s News

Bitcoin surged to a new all-time high, crossing USD 94,000, fueled by reports of a potential acquisition by Donald Trump’s social media company. The rally reinforced hopes for a cryptocurrency-friendly environment under the incoming Trump administration. 

The world’s largest cryptocurrency more than doubled in value this year and was trading at USD 92,104 during Asian hours on Wednesday. Bitcoin briefly reached its historic peak of USD 94,078 late Tuesday, marking a significant milestone for the digital asset. 

Trump Media Eyes Crypto Expansion 

The Financial Times reported that Trump Media and Technology Group, the operator of Truth Social, is in advanced talks for an all-stock acquisition of Bakkt, a crypto trading firm backed by Intercontinental Exchange (ICE). This potential deal underscores the growing interest in digital assets from key players in the business and political sectors. 

Tony Sycamore, a market analyst at IG, noted that Bitcoin’s latest rally was driven by excitement over the Trump deal as well as the launch of Bitcoin ETF options trading on Nasdaq, including BlackRock’s Bitcoin ETF. 

Post-Election Crypto Boom 

Cryptocurrencies have soared since the U.S. election on November 5, with traders betting on regulatory support under Trump’s presidency. The optimism surrounding digital assets has revitalized Bitcoin, which had been trading flat for months prior to the election. 

The global cryptocurrency market’s total value has now surpassed USD 3 trillion, according to data from CoinGecko, setting a new record. 

Chris Weston, head of research at Pepperstone, highlighted the strong buying momentum, saying, “Another kick higher should bring in a fresh chase from those who like to buy what’s strong.” 

The developments have not only bolstered Bitcoin’s value but also reignited enthusiasm in the broader cryptocurrency space. 

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