Bitcoin surged to a new all-time high near $95,000 following reports that Donald Trump’s social media company, Trump Media and Technology Group (TMTG), is in talks to acquire the crypto trading firm Bakkt. The move has bolstered market sentiment, with investors anticipating a more crypto-friendly environment under Trump’s administration.
The world’s largest cryptocurrency, Bitcoin, is up over 100% this year, currently trading at $93,709, a 1.6% daily increase. Earlier, it touched a record $94,982.37. The surge follows optimism that Trump’s pro-crypto stance will lead to reduced regulatory barriers and further mainstream adoption of digital assets.
Trump’s Crypto Push
According to The Financial Times, TMTG, which operates the Truth Social platform, is nearing an all-stock deal to acquire Bakkt, a company backed by Intercontinental Exchange (owner of the New York Stock Exchange). This development, coupled with reports from The Wall Street Journal that Trump recently met Coinbase CEO Brian Armstrong, has fueled bullish sentiment in the cryptocurrency market.
“The rise of bitcoin over the past 15 years is due to an innovation that cannot be recreated: decentralized electronic cash,” said Nikhil Bhatia, founder of The Bitcoin Layer and adjunct finance professor at USC Marshall School of Business. Describing Bitcoin as “digital gold” with a limited supply, Bhatia emphasized its long-term potential: “If bitcoin were to reach the market size of gold ($17 trillion), it would imply a price of around $800,000 for 1 BTC.”
Market Momentum
Bitcoin’s latest rally has also been buoyed by strong interest in BlackRock’s spot Bitcoin ETF. The ETF launched options trading this week, debuting on Nasdaq with a call-to-put ratio of 4.4:1 and generating $1.9 billion in notional exposure from 354,000 contracts traded, according to Bloomberg’s ETF analyst James Seyffart.
Kenneth Worthington, a J.P. Morgan analyst, noted that these options are expected to drive trading volumes for related exchange-traded products (ETPs), further bolstering market activity.
As a result, the global cryptocurrency market value has climbed above $3 trillion, a historic high, according to data aggregator CoinGecko. U.S. Bitcoin ETFs alone have seen $4.2 billion in inflows since Trump’s election victory, accounting for 15% of all inflows since their debut in January.
Analysts See More Upside
Chris Weston, head of research at Australian brokerage Pepperstone, highlighted strong buying pressure for Bitcoin. “Another kick higher should bring in a fresh chase from those who like to buy what’s strong,” he said.
Bitcoin’s recent performance signals growing confidence in the crypto sector as institutional interest rises and the regulatory landscape appears poised for a friendlier tone under the new administration. The combination of political support, institutional participation, and product innovation has positioned Bitcoin for potentially greater heights in the near future.
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