Investing
Bitcoin breaches $94,000 for the first time
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SINGAPORE (Reuters) – Bitcoin rose to a record high above $94,000 as a report that Donald Trump’s
SINGAPORE (Reuters) – Bitcoin rose to a record high above $94,000 as a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt added to hopes of a cryptocurrency-friendly regime under the incoming Trump administration.
Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session.
The Financial Times, citing two people with knowledge, said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high 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.
Cryptocurrencies have soared since the Nov. 5 U.S. election as traders bet President-elect Trump’s 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, based on analytics and data aggregator CoinGecko.
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”.
(Reporting by Ankur Banerjee in Singapore; Editing by Himani Sarkar)
Bitcoin is a decentralized digital currency that allows people to send or receive money over the internet without the need for a central authority, such as a bank.
A cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a technology called blockchain, which ensures transparency and security in transactions.
Blockchain is a distributed ledger technology that records transactions across many computers in a way that ensures the registered transactions cannot be altered retroactively, providing security and transparency.
An ETF, or Exchange-Traded Fund, is a type of investment fund that is traded on stock exchanges, similar to stocks. It holds assets such as stocks, commodities, or bonds and generally operates with an arbitrage mechanism.
Market capitalization refers to the total market value of a company's outstanding shares of stock, calculated by multiplying the stock's current price by the total number of outstanding shares.
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