- Donald Trump’s company is in talks to buy crypto trading firm Bakkt.
- Bitcoin, the world’s largest cryptocurrency, has more than doubled this year.
- The value of the global cryptocurrency market exceeds a record $3 trillion.
SINGAPORE: The world’s largest and best-known cryptocurrency bitcoin hit a record high above $94,000 on Wednesday, amid reports that Donald Trump’s social media company was in talks to buy the company crypto trading platform Bakkt added to hopes of a crypto-friendly regime under the new government. Trump administration.
This development comes as bitcoin has more than doubled this year. It was last at $92,104 in Asian hours today, after hitting a record high of $94,078 just towards the end of the previous session.
The Financial Timesciting two informed people, said Trump Media and Technology Group, which operates Truth Social, is close to acquiring all of the shares of Bakkt, which is backed by Intercontinental Exchange, owner of the NYSE.
Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was supported by the report on Trump deal talks as well as traders taking advantage of the first day of trading of options on Nasdaq versus BlackRock’s bitcoin ETF.
Cryptocurrencies have soared since the November 5 US election, with traders betting that President-elect Trump’s promised support for digital assets would lead to a less restrictive regulatory regime and breathe some life back into bitcoin after a few months of ‘apathy.
The growing enthusiasm has pushed the value of the global cryptocurrency market past $3 trillion to an all-time high, according to analytics and data aggregator CoinGecko.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and “further upside should spark further chasing from those who like to buy what is strong.