Bitcoin Hits Record High Above US$94,000 as Trump's Truth Social Said to Be in Talks to Buy Bakkt

Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year.

Bitcoin price hit a record high of over US$94,000 on Wednesday as talks between US President-elect Donald Trump’s social media company and crypto trading firm Bakkt fuelled hopes of a crypto-friendly Trump administration.

Bitcoin, the world’s largest and most well-known cryptocurrency, has more than doubled in 2024. It was last trading at $92,104 in Asian hours on Wednesday, after hitting a record high of $94,078 earlier.

The Financial Times, citing two people with knowledge of the situation, said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by New York Stock Exchange owner Intercontinental Exchange.

Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was boosted by the Trump deal talks report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s bitcoin ETF.

Cryptocurrencies have surged since the 5 November US election as traders bet on Trump’s promised support for digital assets, which will lead to a less restrictive regulatory regime and inject some life back into bitcoin.

The growing excitement has taken the global cryptocurrency market’s value to a record high of over $3-trillion, according to analytics and data aggregator CoinGecko.

Chris Weston, head of research at Australian online broker Pepperstone, said there is a real underlying buying pressure for bitcoin, and “another kick higher should bring in a fresh chase from those who like to buy what’s strong”. — Ankur Banerjee, (c) 2024 Reuters