Bitcoin has broken an all-time historic barrier as the price attained $94000 for the first time. News spread following reports that a crypto trading platform called Bakkt was likely to be bought by Trump Media and Technology Group, parent of Truth Social. (Read About Bitcoin Past $83,000 Mark)
On Wednesday morning, it traded at $92,104 in Asia after the cryptocurrency reached a record high of $94,078 in the previous session. Market excitement has soared following a report by the Financial Times that the deal fully all-stock acquisition-is near completion. The Intercontinental Exchange is its backer; the company owns the New York Stock Exchange.
Market analyst Tony Sycamore noted that the news created a “perfect storm” for bitcoin’s increase, compounded by the launch of options trading at Nasdaq and BlackRock’s bitcoin ETF.
U.S. elections provided a spark of hope for the crypto market by re-electing Donald Trump into his second term. The gradual changes to some of the regulations, probably influenced by pro-crypto stances from Trump, are sending signals for higher confidence in these digital assets.
Chris Weston, research head at Pepperstone, said, “Strong buying pressure here,” adding that this would attract more momentum towards Bitcoin. Although the flagship cryptocurrency has more than doubled in value this year, the growing institutional interest shapes this trend.
The broader crypto market is also flying high and has reached a valuation of more than $3 trillion, according to CoinGecko. Bitcoin at these prices can touch $100,000 by the end of the year with the current trajectory and sustained institutional demand, analysts note.
The rally highlights growing confidence in cryptocurrencies as mainstream adoption continues to gain. Soaring its prices marks a turning point in terms of resilience and appeal among global investors.
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