The world’s most popular and largest cryptocurrency, Bitcoin, had a new all-time high price, trading over $94,000, in the latest trading session
Bitcoin price hit a new all-time high during the latest trading session, rallying to over $94,000 before easing to around $92,000 at the time of writing this story. This follows a significant rally for Bitcoin after pro-crypto candidate Donald Trump secured his reelection as President of the United States. In fact, as Trump's win became evident, Bitcoin hit an all-time high, surpassing its previous March peak of $73,737 by reaching $74,504 and continuing its upward momentum even before the official results were confirmed. Reports suggest that this surge in Bitcoin’s price was fuelled by the news that Donald Trump's social media company, Trump Media & Technology Group, was in talks to buy crypto trading firm Bakkt. This added to hopes of a cryptocurrency-friendly regime under the incoming Trump administration. Furthermore, the launch of options trading for BlackRock’s iShares Bitcoin Trust offered a new avenue for investors to hedge and speculate on Bitcoin prices, ultimately providing additional support for the asset. Meanwhile, Michael Saylor, founder and Executive Chairman of MicroStrategy, which holds $30 billion in Bitcoin, predicts that the price could reach $100,000 by the end of 2024, as mentioned in Decrypt.
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