Bitcoin Hits $94K, Setting New All-Time High
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Trump-Bakkt Deal Speculation Fuels Rally
The rally is largely attributed to speculation surrounding Donald Trump’s social media company potentially acquiring Bakkt, a cryptocurrency trading platform backed by the Intercontinental Exchange (ICE), the parent company of the NYSE.
The Financial Times reported that Trump Media and Technology Group, which operates Truth Social, is close to finalizing an all-stock acquisition of Bakkt. This news has energized Bitcoin enthusiasts and investors alike.
BlackRock ETF Boosts Momentum
Adding to the excitement, the debut of options trading for BlackRock’s Bitcoin ETF on Nasdaq has further amplified the cryptocurrency’s surge. According to market analyst Tony Sycamore from IG, the combination of Trump’s potential deal and BlackRock’s ETF options launch has created a strong bullish sentiment.
Crypto Market Reaches $3 Trillion
The global cryptocurrency market’s total value has also hit a record high, surpassing $3 trillion, according to CoinGecko data. Chris Weston, Head of Research at Pepperstone, highlighted the increasing buying pressure for Bitcoin, suggesting that further upward momentum could attract new investors.
With Bitcoin’s remarkable rally, market optimism is soaring, though analysts caution traders to remain vigilant amid heightened speculation.