 "Bitcoin hits new record, breaches $94,000: What's Trump latest move pushing cryptocurrency")
Bitcoin hit a record high of over $94,000, continuing its dramatic ascend for in the two weeks since Donald Trump’s victory in November 5 US presidential election.
According to a report by Reuters, the world’s biggest and best-known cryptocurrency, Bitcoin was last at $92,104 in Asian hours on Wednesday (November 20), having touched a record high $94,078 just toward the end of the previous session.
Bitcoin hit a previous record of over $93,000 last week and has, in recent days, teetered around the $90,000 level, according to crypto tracker CoinMarketCap.
Bitcoin has more than doubled this year.
Reason for Bitcoin hitting a record high
Bitcoin created a new record after a report in The Financial Times, citing two sources, said that Trump Media and Technology Group (DJT), which operates Truth Social, is in talks to buy crypto trading firm Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
Trump holds a 53 per cent stake in DJT.
The report of acquisition of Bakkt has added to hopes of a cryptocurrency-friendly regime under the incoming Trump administration.
The Reuters report quoted Tony Sycamore, market analyst at IG, as saying that 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.
Effect of Trump’s win on Cryptocurrencies
After the US Presidential election result, cryptocurrencies soared with traders putting in their money, betting on Trump’s promised support for digital assets that could lead to a less restrictive regulatory regime and inject life back into bitcoin after a listless few months.
Investors are also optimistic that Trump’s support of cryptocurrencies, as well as backing from a crypto-friendly Congress, will lead to policies that will be beneficial for the asset class.
Since Trump’s win, the historically volatile asset has exploded, jumping nearly 35 per cent from about $70,000 on the night of the US Presidential election.
With inputs from agencies.
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