The world's largest cryptocurrency has more than doubled in value this year, trading at $92,104 during Asian hours on Wednesday after briefly hitting its new peak.
Bitcoin soared to a new all-time high on Wednesday as reports emerged that Donald Trump's social media firm is in talks to acquire cryptocurrency trading platform Bakkt.
The world's largest cryptocurrency rose as high as $94,078 before trading at $92,104 during Asian hours, adding to gains of more than 100% this year. The latest surge follows optimism over a potentially crypto-friendly regulatory stance under Trump's impending administration.
The Financial Times reported that Trump Media & Technology Group (TMTG), which owns Truth Social, is nearing an all-stock deal for Bakkt, a company backed by NYSE-owner Intercontinental Exchange Inc. The acquisition has fuelled market expectations of a supportive environment for digital assets.
Bitcoin's rally also coincides with the recent introduction of options trading for BlackRock's iShares Bitcoin Trust, providing investors with additional tools to hedge or speculate on Bitcoin's movements.
Michael Saylor, the founder of MicroStrategy Inc, a major Bitcoin holder, has projected the cryptocurrency could reach $100,000 by the end of 2024. This latest price surge surpasses Bitcoin's previous record of $73,737 in March 2023 and marks a significant milestone following Trump's re-election as US President.
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