Bitcoin hits new all-time high above $94,000
The price of bitcoin rose to an all-time high above $94,000 following reports that Donald Trump’s social media company, Trump Media and Technology Group, is in talks to acquire crypto trading firm Bitcoin.
The news fueled hopes for a friendlier regulatory environment for cryptocurrencies under the incoming Trump administration.
Bitcoin, the world’s largest and most recognized cryptocurrency, has more than doubled in value this year, with its latest price standing at $92,104 during Asian trading hours on Wednesday, up from $94,078 in the previous session. After a brief peak of
The recent rally follows Trump’s re-election as President of the United States, with Bitcoin surpassing its March 2023 peak of $73,737, hitting a new high of $74,504 before official election results were confirmed.
Trump Media and Technology Group, which runs Truth Social, is close to acquiring all of the stock in Bucket, which is backed by the Intercontinental Exchange, owner of the NYSE, the Financial Times said, citing two people with knowledge. Reports suggest that the price rally was fueled by news that contributed to expectations of a favorable regulatory framework for cryptocurrencies.
The launch of options trading for BlackRock’s iShares Bitcoin Trust has given investors new opportunities to hedge and speculate on the price of Bitcoin, further supporting its upward momentum.
Meanwhile, Michael Seiler, founder and executive chairman of MicroStrategy, which has $30 billion in bitcoin, has predicted that the cryptocurrency could reach $100,000 by the end of 2024.
