Bitcoin Soars to New High Above $94,000 as Trump Media reportedly Nears Bakkt Acquisition

This news fueled optimism for a cryptocurrency-friendly regulatory environment under Trump's upcoming administration.

Bitcoin soared to a record high above $94,000 on Wednesday, fueled by reports that Donald Trump’s social media company is in talks to acquire crypto trading firm Bakkt.

The news boosted optimism for a cryptocurrency-friendly regulatory environment under Trump's upcoming administration.

Bitcoin, the world's largest and most well-known cryptocurrency, has more than doubled in value this year. It was trading at $92,104 during Asian trading hours on Wednesday, after briefly hitting a high of $94,078 in the previous session.

The latest rally follows Trump's re-election as President of the United States. Bitcoin surpassed its March 2023 peak of $73,737, reaching a new high of $74,504 before the official election results were confirmed.

People with knowledge told the Financial Times that Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange. The news, which could pave the way for a friendlier regulatory landscape for cryptocurrencies, reportedly contributed to the price surge.

The launch of options trading for BlackRock's iShares Bitcoin Trust also provides investors with new avenues to hedge and speculate on Bitcoin's price, further aiding its upward trajectory.

Separately, Michael Saylor, founder and Executive Chairman of MicroStrategy, which owns $30 billion of Bitcoin, has predicted that the cryptocurrency could hit $100,000 by the end of 2024.