itcoin's value reached a new record high after it surpassed $94,000. Even more so, the value of crypto has doubled this year.
Reuters reported that Bitcoin reached $92,104 in Asian hours this Wednesday, also reaching a new record high value of $94,078 toward the end of the session. This record can be caused by Donald Trump’s social media company, which announced that they are negotiating the possibility of acquiring the crypto trading firm Bakkt. This potential deal could lead to a cryptocurrency-friendly regime after the Trump administration is established.
According to The Financial Times which cited two people with knowledge about the matter, Trump Media and Technology Group, which operates Truth Social is nearing an all-stock acquisition of Bakkt, a company backed by NYSE-owner Intercontinental Exchange.
A market analyst at IG named Tony Sycamore talked about Bitcoin’s new all-time high and attributed it to the potential Trump Deal. This led to a large number of trades capitalizing on the first day of options trading on Nasdaq for BlackRock's Bitcoin ETF.
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Since the U.S. election, cryptocurrencies have surged, as traders anticipated that Trump would pledge support for digital assets cloud into a more relaxed regulatory environment which led to the growth of Bitcoin after it had stagnated for months.
Even more so, the cryptocurrency market value has grown to a value above $3 trillion which means a new record-high based on the data and information from CoinGecko. Head of research for the Australian Pepperstone, Chris Westone, said that there is an underlying buying pressure for Bitcoin “another kick higher should bring in a fresh chase from those who like to buy what's strong".
By
Eva Robinson
•
November 20, 2024 9:00 AM
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