Islamabad, Nov 20: Bitcoin has reached an all-time high, exceeding $94,000, fueled by reports of Donald Trump’s social media company entering discussions to acquire the crypto trading firm Bakkt (BKKT.N). This development has bolstered optimism for a cryptocurrency-friendly environment under the upcoming Trump administration.
The world’s leading cryptocurrency has more than doubled in value this year, peaking at $94,078 before settling at $92,104 during Asian trading on Wednesday. According to the Financial Times, Trump Media and Technology Group, which operates Truth Social, is reportedly nearing an all-stock acquisition of Bakkt, backed by Intercontinental Exchange (ICE.N).
Analysts attribute Bitcoin’s surge to the Trump-Bakkt acquisition rumors and the launch of options trading for BlackRock’s Bitcoin ETF (IBIT.O) on Nasdaq. Additionally, the U.S. election on November 5 has sparked optimism among traders, who anticipate a less restrictive regulatory framework for digital assets under Trump’s leadership.
The global cryptocurrency market has also hit a record valuation, surpassing $3 trillion, as reported by CoinGecko. Market analysts, including Chris Weston from Pepperstone, cite significant buying pressure behind Bitcoin’s rise, predicting further gains as momentum continues to attract investors.
