Bitcoin soars past $94,000 as Trump talks boost market
The cryptocurrency market enthusiasm is further bolstered by the launch of options trading for Bitcoin ETFs on Nasdaq and the surpassing of a $3 trillion global market valuation, indicating strong buying momentum and potential for future gains.
Bitcoin surged to a record high of over $94,000, driven by reports that Donald Trump’s social media company, Truth Social, is in talks to acquire cryptocurrency firm Bakkt. The news raised hopes of a more cryptocurrency-friendly approach under a Trump administration. Bitcoin’s price has more than doubled this year, with the latest trading at $92,104.
The potential acquisition, as reported by the Financial Times, is expected to be an all-stock deal between Trump Media and Bakkt, which is backed by the Intercontinental Exchange. This news, combined with the launch of options trading for Bitcoin ETFs on Nasdaq, has spurred further optimism.
Since the US election on 5 November, traders have been betting that President-elect Trump will foster a less restrictive regulatory environment for digital assets, leading to a renewed rally in Bitcoin. The global cryptocurrency market has now surpassed a $3 trillion valuation, according to CoinGecko.
Market analysts suggest there is strong buying momentum behind Bitcoin, with the potential for further gains as traders continue to seek out opportunities in the growing market.
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