Bitcoin soars to historic high
Date
11/23/2024 3:29:12 AM
(MENAFN) Bitcoin’s price surged past $94,000 on Wednesday, marking a new milestone. Analysts attribute the recent rise to reports that US President-elect Donald Trump's social media company is in negotiations to acquire the crypto platform Bakkt. As of 14:30 GMT, Bitcoin was trading around $94,472, reflecting an increase of over 3%. The cryptocurrency has more than doubled in value since the beginning of the year.
Crypto-related stocks like Coinbase Global, MicroStrategy, and Robinhood Markets also saw gains in pre-market trading. With a market cap of $1.8 trillion, Bitcoin is now the seventh-largest financial asset, surpassing Saudi Aramco and nearing tech giants like Amazon and Google. The total cryptocurrency market cap surpassed $3 trillion this week, marking an 85% increase since January.
This surge comes after the Financial Times reported that Trump’s media company, Truth Social’s parent, is close to an all-stock acquisition of Bakkt, signaling Trump’s favorable stance on crypto. Stephane Ouellette, CEO of FRNT Financial, stated that Trump’s interest in crypto has fueled optimism about its future prominence under his leadership.
Trump had previously pledged to make the US the “crypto capital” and even promised to bring Bitcoin mining to the country. Additionally, he expressed intentions to challenge SEC Chairman Gary Gensler, who has been critical of the crypto industry. The Wall Street Journal also reported Trump’s private meetings with Coinbase CEO Brian Armstrong.
Analysts now speculate that with expectations of looser regulations, Bitcoin’s price could soon hit $100,000. Antonio Di Giacomo of XSpointed to factors such as US government support, institutional interest, and potential use by sovereign nations, making the $100,000 milestone increasingly likely.
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