Bitcoin rose to a record high above US$94 000 as a report that US President-elect Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt added to hopes of a cryptocurrency-friendly regime under the incoming American administration.
Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92Â 104 in Asian hours on Wednesday, having touched a record high $94Â 078 earlier.
The Financial Times, citing two people with knowledge of the situation, said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by New York Stock Exchange owner Intercontinental Exchange.
Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s bitcoin ETF.
Cryptocurrencies have soared since the 5 November US election as traders bet Trump’s promised support for digital assets will lead to a less restrictive regulatory regime and inject some life back into bitcoin.
The growing excitement has taken the global cryptocurrency market’s value above $3-trillion to a record high, based on analytics and data aggregator CoinGecko.
Read: Trump’s embrace of bitcoin is the art of the grift
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and “another kick higher should bring in a fresh chase from those who like to buy what’s strong”. — Ankur Banerjee, (c) 2024 Reuters
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