Bitcoin Surges to All-Time High Near $95,000

LONDON/SINGAPORE/NEW YORK – Bitcoin reached a record high of $94,982.37 on Wednesday, fueled by optimism over a potentially crypto-friendly environment under the incoming Trump administration. The cryptocurrency was last trading at $93,709, up 1.6% for the day and more than doubling its value this year.

The surge follows a report that Trump Media and Technology Group, which owns Truth Social, is in advanced talks to acquire crypto trading firm Bakkt, backed by NYSE-owner Intercontinental Exchange.

Crypto Market Boosted by Trump’s Pro-Crypto Sentiment

Bitcoin has soared over 40% since the November 5 U.S. presidential election, as traders speculate that Donald Trump’s favorable stance on cryptocurrencies will create a more accommodating regulatory environment.

“The rise of bitcoin over the past 15 years is due to an innovation that cannot be recreated: decentralized electronic cash,” noted Nikhil Bhatia, founder of The Bitcoin Layer and adjunct professor of finance at USC Marshall School of Business.

Bhatia added, “If bitcoin were to reach the market size of gold ($17 trillion), it would imply a price of around $800,000 per BTC.”

Additional Market Drivers

• BlackRock’s Spot Bitcoin ETF: The launch of options trading for BlackRock’s spot bitcoin ETF saw strong demand, with nearly $1.9 billion in notional exposure and 354,000 contracts traded on its first day. The bullish sentiment (a call-to-put ratio of 4.4:1) is expected to drive higher trading volumes for related exchange-traded products.
• Growing Market Value: The global cryptocurrency market has surpassed $3 trillion for the first time, according to CoinGecko.
• Institutional Inflows: U.S. spot bitcoin exchange-traded products have attracted $4.2 billion in inflows since Trump’s election victory, accounting for 15% of total inflows since these products launched in January.

Chris Weston, head of research at Pepperstone, noted robust underlying buying pressure: “Another kick higher should bring in a fresh chase from those who like to buy what’s strong.”

Outlook for Bitcoin

With Trump reportedly meeting privately with Coinbase CEO Brian Armstrong earlier this week, analysts predict continued bullish momentum. Kenneth Worthington of J.P. Morgan added that strong interest in ETFs and options trading could further elevate bitcoin’s trading volumes.

As the world’s largest cryptocurrency continues to climb, bitcoin enthusiasts are now eyeing the $100,000 milestone.