Bitcoin hits record $94,000 on talks of trading firm takeover by Trump's media company

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Bitcoin hits record $94,000 on talks of trading firm takeover by Trump's media company

Published: 20 Nov. 2024, 16:40

Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. [REUTERS]

Bitcoin rose to a record high above $94,000 as a report that 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 administration.

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 $94,078 just toward the end of the previous session.

The Financial Times, citing two people with knowledge, said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.

Tony Sycamore, a market analyst at IG, said Bitcoin's rise to a record high was supported by the report on a possible deal 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 Nov. 5 U.S. 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 after a listless few months.

The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, according to analytics and data aggregator CoinGecko.

Chris Weston, head of research at the 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."

Reuters