The largest and most well-known cryptocurrency in the world, Bitcoin, has more than doubled in value this year. It reached a record high of $94,078 near the end of the previous session and was last seen at $92,104 in Asian hours on Wednesday.
As speculation that Donald Trump's social media company was in negotiations to acquire cryptocurrency trading company Bakkt bolstered expectations of a cryptocurrency-friendly government under the incoming Trump administration, Bitcoin surged to a record high above $94,000.
The largest and most well-known cryptocurrency in the world, Bitcoin, has more than doubled in value this year. It reached a record high of $94,078 near the end of the previous session and was last seen at $92,104 in Asian hours on Wednesday.
Trump Media and Technology Group, the company that runs Truth Social, is reportedly nearing an all-stock purchase of Bakkt, supported by NYSE-owner Intercontinental Exchange, according to the Financial Times, which cited two people with information.
The Trump deal chatter story and traders taking advantage of the first day of options trading on the Nasdaq over BlackRock's Bitcoin ETF, according to Tony Sycamore, market analyst at IG, helped push bitcoin to a record high.
Since the U.S. election on November 5, traders have been betting that President-elect Trump's pledged support for digital assets will result in a less stringent regulatory environment and give bitcoin a boost after a lagging few months. As a result, cryptocurrencies have surged in value.
According to analytics and data aggregator CoinGecko, the increased excitement has caused the value of the global cryptocurrency market to reach a record high of over $3 trillion.
There is genuine underlying purchasing demand for bitcoin, according to Chris Weston, head of research at Australian online broker Pepperstone, and "another kick higher should bring in a fresh chase from those who like to buy what's strong."
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