Trading
Bitcoin bursts past $94,000 for the first time
Published by Jessica Weisman-Pitts
Posted on November 21, 2024
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on November 21, 2024
2 min readLast updated: January 28, 2026
By Medha Singh and Ankur Banerjee
(Reuters) – Bitcoin rose to a fresh record high above $94,000 as a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.
Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year. It was last at $94,291 just under a record high of $94,378.
The Financial Times 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.
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,” said Stéphane Ouellette, chief executive officer of crypto trading firm FRNT Financial.
Earlier this week, the Wall Street Journal reported Trump was meeting privately with the crypto exchange CEO Brian Armstrong, further aiding sentiment.
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.
Options trading over BlackRock’s spot bitcoin ETF on the Nasdaq made a strong debut on Tuesday with a bullish call-to-put ratio of 4.4:1, according to QCP Capital.
“We expect these options to be popular and, in turn, may positively influence trading volumes of these ETPs (exchange traded products) as the underlying,” said Kenneth Worthington, analyst at J.P. Morgan.
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.
U.S. spot bitcoin exchange-traded products have attracted about $4.2 billion in inflows since Trump’s election victory, about 15% of the total inflows since the products were launched on U.S. stock exchanges in January.
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 and Medha Singh in Bengaluru; Editing by Christina Fincher and Ros Russell)
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions over the internet without the need for a central authority or intermediary.
Blockchain is a distributed ledger technology that records transactions across many computers in a way that ensures the security and transparency of the data.
An exchange-traded product (ETP) is a type of security that tracks an underlying asset, such as commodities or currencies, and is traded on stock exchanges.
A spot bitcoin ETF is an exchange-traded fund that directly holds bitcoin, allowing investors to gain exposure to the cryptocurrency's price movements without owning it directly.
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