Bitcoin reaches a new peak
Bitcoin is experiencing a surge due to trader optimism regarding a crypto-friendly administration under US President-elect Donald Trump. Read Full Article at RT.com.
TroibNews 
The price of Bitcoin has seen a remarkable increase, surpassing the $94,000 mark for the first time on Wednesday. Analysts attribute this latest surge to reports that US President-elect Donald Trump’s social media company is engaged in discussions to acquire the cryptocurrency platform Bakkt.
As of 14:30 GMT, the flagship cryptocurrency was valued at approximately $94,472 per coin, reflecting an increase of over 3%. This rise means that the price has more than doubled since the beginning of the year.
In pre-market trading, crypto-related stocks such as Coinbase Global, MicroStrategy, and Robinhood Markets also reported gains.
With a market capitalization of $1.8 trillion, Bitcoin has now become the seventh-largest financial asset, overtaking energy giant Saudi Aramco and approaching the market caps of tech leaders Amazon and Google. This week, the overall market cap for all cryptocurrencies surpassed $3 trillion, marking an 85% increase since January.
The latest uptick in crypto comes on the heels of a Financial Times report indicating that Trump’s social media firm is in negotiations to purchase crypto trading company Bakkt. Sources close to the discussions informed the outlet that Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock deal for Bakkt.
Such a deal would further demonstrate the positive outlook President-elect Trump holds towards the crypto industry.
“Trump’s seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office,” stated Stephane Ouellette, CEO of crypto trading firm FRNT Financial, as reported by Reuters.
During his campaign, Trump made various commitments to the crypto sector, claiming he would establish the US as the “crypto capital of the planet” and advocating that all Bitcoin mining should occur domestically. He even utilized Bitcoin to treat supporters to cheeseburgers and beer at a New York City bar.
Moreover, Trump has expressed intentions to replace US Securities and Exchange Commission Chairman Gary Gensler, who has taken a tough stance on the crypto market.
This week, the Wall Street Journal revealed that Trump had met privately with Coinbase CEO Brian Armstrong.
Some analysts suggest that investor hopes for deregulation within the crypto sector make the $100,000 mark for Bitcoin increasingly attainable.
“Bitcoin’s new all-time high reflects a milestone in its price and a fundamental shift in its political and economic acceptance,” remarked XS.com analyst Antonio Di Giacomo in a note seen by Barron’s on Wednesday.
“With factors like US government support, increased institutional interest, and the potential use of Bitcoin by sovereign nations, the path to $100,000 seems increasingly plausible,” he asserted.
Sanya Singh for TROIB News
As of 14:30 GMT, the flagship cryptocurrency was valued at approximately $94,472 per coin, reflecting an increase of over 3%. This rise means that the price has more than doubled since the beginning of the year.
In pre-market trading, crypto-related stocks such as Coinbase Global, MicroStrategy, and Robinhood Markets also reported gains.
With a market capitalization of $1.8 trillion, Bitcoin has now become the seventh-largest financial asset, overtaking energy giant Saudi Aramco and approaching the market caps of tech leaders Amazon and Google. This week, the overall market cap for all cryptocurrencies surpassed $3 trillion, marking an 85% increase since January.
The latest uptick in crypto comes on the heels of a Financial Times report indicating that Trump’s social media firm is in negotiations to purchase crypto trading company Bakkt. Sources close to the discussions informed the outlet that Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock deal for Bakkt.
Such a deal would further demonstrate the positive outlook President-elect Trump holds towards the crypto industry.
“Trump’s seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office,” stated Stephane Ouellette, CEO of crypto trading firm FRNT Financial, as reported by Reuters.
During his campaign, Trump made various commitments to the crypto sector, claiming he would establish the US as the “crypto capital of the planet” and advocating that all Bitcoin mining should occur domestically. He even utilized Bitcoin to treat supporters to cheeseburgers and beer at a New York City bar.
Moreover, Trump has expressed intentions to replace US Securities and Exchange Commission Chairman Gary Gensler, who has taken a tough stance on the crypto market.
This week, the Wall Street Journal revealed that Trump had met privately with Coinbase CEO Brian Armstrong.
Some analysts suggest that investor hopes for deregulation within the crypto sector make the $100,000 mark for Bitcoin increasingly attainable.
“Bitcoin’s new all-time high reflects a milestone in its price and a fundamental shift in its political and economic acceptance,” remarked XS.com analyst Antonio Di Giacomo in a note seen by Barron’s on Wednesday.
“With factors like US government support, increased institutional interest, and the potential use of Bitcoin by sovereign nations, the path to $100,000 seems increasingly plausible,” he asserted.
Sanya Singh for TROIB News
