Bitcoin surged to an all-time high of over $94,000, continuing its dramatic rise in the weeks following Donald Trump’s victory in the November 5 U.S. presidential election.
According to a report by Reuters, the leading cryptocurrency was trading at $92,104 during Asian hours on Wednesday, November 20, after reaching its record peak of $94,078 late in the previous session. This new milestone followed a previous record of over $93,000 set last week, with Bitcoin fluctuating near the $90,000 mark in recent days, as per crypto tracker CoinMarketCap.
Notably, Bitcoin has more than doubled in value this year alone, underscoring its significant growth trajectory.
What’s Driving Bitcoin’s Record High?
Bitcoin’s latest surge was fueled by a report in The Financial Times that revealed Trump Media and Technology Group (DJT), which operates Truth Social, is in discussions to acquire Bakkt, a cryptocurrency trading platform backed by NYSE-owner Intercontinental Exchange.
Trump owns a 53% stake in DJT, and the news of Bakkt’s potential acquisition has raised expectations of a pro-cryptocurrency stance under the incoming Trump administration.
Tony Sycamore, market analyst at IG, told Reuters that Bitcoin’s rise 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.”
Impact of Trump’s Victory on Cryptocurrencies
Cryptocurrencies have experienced a significant boost since Trump’s electoral win, with investors anticipating favorable policies for digital assets. Traders have been betting on Trump’s promised support for cryptocurrencies, which they believe will lead to a less restrictive regulatory environment and inject fresh momentum into the market.
Since the election, Bitcoin has surged nearly 35%, rising from around $70,000 on the night of the election to its current record-breaking levels. Optimism surrounding Trump’s support and a crypto-friendly Congress has further fueled expectations of a thriving future for the asset class.
