Bitcoin hits a record high, closing above $94,000 in the latest trading session. This Bitcoin record all-time high price is attributed to significant developments in the crypto and financial sectors. This was including the reports that Donald Trump’s social media company was exploring the acquisition of crypto trading firm Bakkt added hopes of a cryptocurrency-friendly regime under the incoming administration. Also the introduction of options trading for BlackRock’s iShares Bitcoin Trust pushed the investors.
Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year. Bitcoins last high was at $92,104 in Asian hours on Wednesday, having hit a record high above $94,000 just toward the end of the previous session.
Bitcoin hits $94,000
The cryptocurrency moved as high as $94,000 in afternoon trading, according to the crypto tracker CoinMarketCap. Bitcoin hit a previous record of over $93,000 last week and has teetered around the $90,000 level in recent days.
As per reports based on people with knowledge, Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt. Bakkt is backed by NYSE-owner Intercontinental Exchange.
Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high above $94000 was supported by the deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF.
Institutional interest in Bitcoin
Bitcoin hitting past $94,000 highlights increasing importance as an institutional asset. Key drivers of the surge include the potential for a crypto-friendly stance under a Trump administration and the possibility of Microsoft incorporating Bitcoin into its treasury, as suggested by MicroStrategy’s Michael Saylor. However, Bitcoin has seen some correction, pulling back below $92,000 after reaching $93,905 on Tuesday.
This milestone for Bitcoin demonstrates its evolution into a more robust asset, with experts highlighting its long-term potential. Gupta summed up the sentiment by stating that Bitcoin’s adoption is becoming foundational to global market operations.
Cryptocurrency market update
Cryptocurrencies have soared since the U.S. election as traders bet President-elect promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.
The growing excitement has taken the global cryptocurrency market’s value above $3 trillion to a record high, as per reports.
The market’s reaction to these developments has affected altcoins, which briefly rallied before correcting. Despite these fluctuations, the overall sentiment remains positive, with analysts expecting continued growth driven by institutional players.
Bitcoin broke through the $90,000 level to hit a new all-time high on Wednesday.
Buying pressure for bitcoin
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and “another kick higher should bring in a fresh chase from those who like to buy what’s strong”.
Bitcoin ETF options trading
Any investors looking for anyway to get involved in Bitcoin will be able to trade options on Blackrock’s iShares Bitcoin Trust. In fact, options trading volume for the ETF reached more than $446 million in its first few hours, as per report.
