Bitcoin breaches $94,000 for the first time, record all-time high

Bitcoin has hit a record all-time high above $94,000 for the first time amid reports that US President-elect Donald Trump's social media company was in talks to buy crypto trading firm Bakkt, Reuters reported on November 20.

The reports fuelled hopes that Trump's second time in the White House will bring a crypto-friendly administration, it added.

Record High Milestone

The world's biggest cryptocurrency has more than doubled through 2024. It hit the record $94,078 milestone just at the end of the previous session, before paring to $92,104 in Asia early on November 20.

Speaking to Livemint, Edul Patel, Co-founder and CEO of Mudrex also credited the debut of the first Bitcoin ETF option for the price hike.

 “BlackRock's Option saw a record $1.9 billion in trading volume on its first day, fueling Bitcoin's price rally. However, profit-taking following the peak has pulled BTC back to its current level of $92,000. Meanwhile, escalating Ukraine-Russia tensions have put investors in a cautious mode. Bitcoin now faces resistance at $94,600, with support holding steady at $90,400,” he added.

Why The Hike?

According to a report by The Financial Times, citing two sources, the Trump Media and Technology Group, which operates Truth Social, is in talks for an all-stock acquisition of Bakkt.

Bakkt 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.

Crypto Markets on High

Since Trump's victory in the 2024 US Presidential Elections on November , 2024, cryptocurrencies have soared on the back of his promised support for digital assets.

Traders are watching for less restrictive regulation and and growing excitement has pushed the global crypto market value $3.2 trillion — a record high too, according to data from 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".

(With inputs from Reuters)