Singapore: Bitcoin reached an all-time high of $94,078, fueled by reports suggesting that Donald Trump’s social media company, Trump Media and Technology Group (TMTG), is in advanced talks to acquire the cryptocurrency trading platform Bakkt. The surge reflects growing optimism about a crypto-friendly stance under the incoming Trump administration.
The cryptocurrency, which has more than doubled in value this year, was trading at $92,104 during Asian hours on Wednesday, following the record-breaking session.
Trump Deal Speculation Drives Momentum
According to The Financial Times, TMTG, the operator of Truth Social, is close to securing an all-stock acquisition of Bakkt, a firm backed by Intercontinental Exchange, the parent company of the New York Stock Exchange.
Market analysts attribute Bitcoin’s rally to this development. Tony Sycamore, a market analyst at IG, noted that the Trump deal reports, combined with the launch of options trading for BlackRock’s Bitcoin ETF on the Nasdaq, have provided a significant boost to market sentiment.
Optimism Under a Pro-Crypto Regime
The broader cryptocurrency market has surged since the U.S. election on November 5, with traders banking on President-elect Trump’s pro-digital asset policies. Analysts expect his administration to introduce a more lenient regulatory environment, which could revitalize the sector after months of stagnation.
“The excitement surrounding Trump’s reported interest in Bakkt and the potential for regulatory easing has pushed the global cryptocurrency market to a record valuation of over $3 trillion,” according to CoinGecko data.
Analysts See Sustained Buying Pressure
Chris Weston, head of research at Australian broker Pepperstone, highlighted strong underlying buying pressure for Bitcoin. “Another leg higher could trigger fresh interest from momentum traders who gravitate toward strength,” he said.
The crypto market’s bullish outlook suggests that Bitcoin’s record-breaking streak may not be over, with traders eyeing further upside in the near term.
