Bitcoin has reached a new all-time high, surpassing $94,000 for the first time, fueled by reports that U.S. President-elect Donald Trump's social media company is in talks to acquire the crypto trading firm Bakkt, according to Reuters on November 20. These reports have sparked optimism that Trump's second term could usher in a more crypto-friendly administration.

The cryptocurrency has more than doubled its value in 2024, hitting $94,078 before retreating slightly to $92,104 in Asia on November 20. Edul Patel, CEO of Mudrex, attributed the surge to the launch of the first Bitcoin ETF option, which saw BlackRock's offering trade $1.9 billion on its first day, contributing to the rally. However, profit-taking after the peak caused a slight dip, with Bitcoin now facing resistance at $94,600 and support at $90,400.

The surge was also linked to reports from The Financial Times, which revealed that Trump Media and Technology Group, operator of Truth Social, is in talks for an all-stock deal to acquire Bakkt, which is supported by Intercontinental Exchange, owner of the NYSE. Market analysts believe the rise in Bitcoin's value was driven by both these developments and the enthusiasm surrounding BlackRock's Bitcoin ETF options trading.

Since Trump’s 2024 election victory, cryptocurrencies have surged, bolstered by his promises of greater support for digital assets. Traders are anticipating less restrictive regulations, and the excitement has pushed the global crypto market value to a record $3.2 trillion, according to CoinGecko.

Experts, including Chris Weston from Pepperstone, noted strong buying pressure behind Bitcoin's rise, suggesting further upward momentum could attract even more investors.

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