Bitcoin surpasses $94,000 for the first time
Bitcoin, the world's largest cryptocurrency, has hit a new high by breaching the $94,000 mark for the first time. The token touched a record high $94,078 before receding to $92,171, at the time of writing. The massive rally is primarily driven by speculation that Donald Trump's social media company may acquire cryptocurrency trading platform Bakkt. The launch of options trading for BlackRock's Bitcoin ETF on Nasdaq has also contributed to the surge.
Trump's potential Bakkt acquisition fuels Bitcoin surge
The Financial Times reported that Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock acquisition of Bakkt. This platform is supported by Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE). Tony Sycamore, a market analyst at IG, stated that Bitcoin's rise was bolstered by both the report about Trump's deal and traders capitalizing on BlackRock's Bitcoin ETF options trading debut on Nasdaq.
Cryptocurrency market value reaches record high
The value of the global cryptocurrency market has also hit a new high, crossing $3 trillion. This is according to data from CoinGecko, an analytics and data aggregator. Chris Weston, Head of Research at Australian online broker Pepperstone, observed there is real underlying buying pressure for Bitcoin. He added that "another kick higher should bring in a fresh chase from those who like to buy what's strong."
