Bitcoin Hits Record High Amid Trump-Powered Rally and ETF Buzz
Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high of $94,078 just toward the end of the previous session.
The Financial Times, citing two people with knowledge, said Trump Media and Technology Group (DJT.O), opening a new tab, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange (ICE.N), opens new tab.
Crypto investors cheer Trump-powered Bitcoin rally
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 (IBIT.O), opens new tab.
Cryptocurrencies have soared since the Nov. 5 U.S. election as traders bet President-elect Trump’s promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into Bitcoin after a listless few months.
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.
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”.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.
