Bitcoin breaches $94,000 for the first time

Bakkt

20/11/2024 02:03

SINGAPORE, Nov 20 (Reuters) - Bitcoin rose to a record
high above $94,000 as a report that Donald Trump's social media
company was in talks to buy crypto trading firm Bakkt  BKKT.N 
added to hopes of a cryptocurrency-friendly regime under the
incoming Trump administration.
    Bitcoin  BTC= , 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  DJT.O , which operates Truth
Social, is close to an all-stock acquisition of Bakkt, which is
backed by NYSE-owner Intercontinental Exchange  ICE.N .
    Tony Sycamore, market analyst at IG, said bitcoin's rise to
a record high was supported by the Trump deal talk report as
well as traders taking advantage of the first day of options
trading on the Nasdaq over BlackRock's Bitcoin ETF  IBIT.O .
    Cryptocurrencies have soared since the Nov. 5 U.S. election
as traders bet President-elect Trump's promised support for
digital assets would 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, based on
analytics and data aggregator CoinGecko. 
    Chris Weston, head of research at 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". 

 (Reporting by Ankur Banerjee in Singapore; Editing by Himani
Sarkar)
 ((ankur.banerjee@thomsonreuters.com;; Mobile - +65 8121 3925;
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