Bitcoin Surpasses $94,000 for the First Time

Bitcoin, the world's largest cryptocurrency, has hit a new high by breaching the $94,000 mark for the first time.

Bitcoin (BTC) price hit a new record high during the early hours of March 28. The token touched a high of $94,078 before receding to $92,171, at the time of writing. The massive rally comes amid speculation that Donald Trump’s social media company may acquire cryptocurrency trading platform Bakkt.

The Financial Times reported that Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock acquisition of Bakkt. The platform is backed by Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE).

According to Tony Sycamore, a market analyst at IG, Bitcoin’s rally was boosted by both the report about Trump’s deal and traders capitalizing on BlackRock’s Bitcoin exchange-traded fund (ETF) options trading debut on Nasdaq.

The world’s largest cryptocurrency hit a new high of $94,078. (CryptoSlate)

The development comes after BlackRock’s physical-backed Bitcoin ETF, iShares Blockchain and Tech (IBLC), launched options trading on the exchange. The ETF began trading on the exchange on March 24.

Meanwhile, the total cryptocurrency market value has also hit a new high, crossing $3 trillion, according to data from CoinGecko, an analytics and data aggregator.

According to Chris Weston, Head of Research at Australian online broker Pepperstone, there is real underlying buying pressure for Bitcoin. He added that "another kick higher should bring in a fresh chase from those who like to buy what's strong."