Bitcoin Soars Amid Trump Administration's Crypto-Friendly Anticipations

Bitcoin reached a new high nearing $95,000 following news of its potential acquisition by Donald Trump’s media group, suggesting a crypto-friendly administration. Bitcoin has doubled this year and surged over 40% since Trump's election win. Cryptocurrency market excitement pushed its global value above $3 trillion.

Bitcoin surged to a near-record of $95,000 after reports emerged that Donald Trump's media company might acquire the crypto trading firm Bakkt. This speculation has revived hopes of a crypto-friendly regime under his administration. As a result, Bitcoin has more than doubled its value this year alone.

The Financial Times reported that Trump Media and Technology Group, responsible for Truth Social, is nearing an all-stock deal with Bakkt, owned by Intercontinental Exchange. Since Trump's victory on November 5, Bitcoin has climbed over 40% as traders anticipate a more accommodating regulatory environment for cryptocurrencies.

Further boosting the sector's outlook, options trading for BlackRock's spot Bitcoin ETF showed a bullish trend on its Nasdaq debut, underscoring the growing enthusiasm in the crypto market that now exceeds $3 trillion. Analysts note significant buying pressure on Bitcoin, signaling a potential rise in its market value.

(With inputs from agencies.)