Bitcoin Hits Record High Above $94,000 Amid Trump’s Possible Acquisition of Bakkt

Bitcoin has hit a record high above $94,000 for the first time. This surge follows reports that U.S. President-elect Donald Trump's social media company is in talks to buy crypto trading firm Bakkt, Reuters reported on November 20.

The news has fueled optimism that Trump’s second term in office could lead to a more crypto-friendly administration.

According to The Financial Times, Trump Media and Technology Group, which operates Truth Social, is discussing an all-stock acquisition of Bakkt.

Bakkt is backed by Intercontinental Exchange, the owner of the NYSE.

Tony Sycamore, a market analyst at IG, said Bitcoin’s rise to a record high was supported by the news of the Trump deal.

Additionally, traders took advantage of the launch of Bitcoin options trading on Nasdaq, tied to BlackRock’s Bitcoin ETF. Bitcoin has more than doubled in value throughout 2024. It hit $94,078 just before the end of the previous session, but later dropped to $92,104 in Asia on November 20.

Edul Patel, Co-founder and CEO of Mudrex, credited the launch of BlackRock's Bitcoin ETF for driving up Bitcoin's price.

He said, “BlackRock's ETF saw $1.9 billion in trading volume on its first day, boosting Bitcoin. However, after reaching a peak, Bitcoin dropped back to $92,000 due to profit-taking.”

Patel also mentioned that rising tensions between Ukraine and Russia have made investors more cautious. "Bitcoin now faces resistance at $94,600, with support at $90,400," he added.

Since Trump's win in the 2024 U.S. Presidential Election, cryptocurrencies have risen.

Traders are hopeful for looser regulations, and this has helped push the global crypto market value to a record $3.2 trillion, according to CoinGecko.

Chris Weston, head of research at Australian online broker Pepperstone, said there is significant buying pressure for Bitcoin.

He added, “Another push higher should attract new investors who like to buy into strength.”