United

Wednesday

Bitcoin

Trump Media

Donald Trump

<a href="https://bitcoin.org/en/" target="_blank" rel="noreferrer noopener">Bitcoin</a> breached the $95,000 level for another record time on Wednesday evening. According to <a href="https://www.coindesk.com/price/bitcoin" target="_blank" rel="noopener">Coindesk</a>, the world’s largest and most famous cryptocurrency reached as high as $97,000 on Thursday morning. 
Recall that yesterday morning, Bitcoin rose to $94,000 after touching a record high of $94,078 on Tuesday. Based on analytics and data aggregator <a target="_blank" href="http://www.coingecko.com" rel="noreferrer noopener">CoinGecko</a>, the global cryptocurrency market’s value also skyrocketed to above $3 trillion, setting another record. 
Following Donald Trump’s victory at the US Election, Investors have continued to invest in the cryptocurrency. The price of the flagship cryptocurrency was last higher by more than 3% at $97,646.68, according to Coin Metrics. It rose earlier to as high as $97,788.00. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1063" height="522" src="https://technext24.com/wp-content/uploads/2024/11/Bitcoin-744am.jpg" alt="Bitcoin on CoinDesk as at 7:44am, November 21" class="wp-image-240139">
 <figcaption class="wp-element-caption">
 Bitcoin on CoinDesk as at 7:44am, November 21
 </figcaption>
</figure> 
Reacting to the new record set by Bitcoin, an analyst at Swan Bitcoin Sam Callahan said, 
“Bitcoin’s price continues to be driven by a number of factors including improved liquidity conditions, increased institutional adoption, and a regulatory environment that has flipped from a headwind to a tailwind,”&nbsp; 
Over the past few weeks, Bitcoin has been constantly slamming new records. Particularly, investors have been hoping that Trump will usher in a golden age of crypto, which would include more supportive regulation for the industry. This might also bring about a potential national strategic bitcoin reserve or stockpile. 
Meanwhile, analysts have warned of larger budget deficits and potentially more inflation and changes to the international role of the dollar. All of which would have a positive effect on the price of BTC. 
On another end, shares of MicroStrategy – a bitcoin proxy, gained 3% in extended trading. Mining stocks rose as well, with Mara Holdings up 4%. 
With the latest price surge, Bitcoin has gained more than 127% in 2024. It is now widely expected to reach $100,000 this year and double by the end of 2025. 
<h4 id="trump-and-bakkts-continued-effect-on-bitcoin" class="wp-block-heading">Trump and Bakkt’s continued effect on bitcoin</h4> 
Also part of Bitcoin’s driving formula is the announcement of Donald Trump’s social media and technology company’s (<a target="_blank" href="http://www.tmtgcorp.com" rel="noreferrer noopener">TMTG</a>) pre-acquisition of <a target="_blank" href="http://www.bakkt.com" rel="noreferrer noopener">Bakkt</a>, a crypto trading platform, which largely contributed to the latest developments.&nbsp; 
TMTG, a company largely owned by United States President-elect Donald Trump, has been in advanced talks to acquire Bakkt, a cryptocurrency trading platform. According to reports by Financial Times, Bakkt (BKKT) is currently valued at over $150 million. The deal will not include its crypto custody business, which is projected to crash.&nbsp; 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="474" height="246" src="https://technext24.com/wp-content/uploads/2024/11/Bakkt.jpg" alt="Bakkt" class="wp-image-239985" style="width: 100%;height:auto">
</figure> 
Following the announcement, Trump Media and Bakkt shares (BKKT) soared with the price of Trump Media shares skyrocketing by 16% to $32, and Bakkt’s by 162% to $29.&nbsp; 
Alongside Bitcoin, other cryptocurrencies such as Dogecoin have soared since the Nov. 5 election. Crypto traders have also forecasted that the “Cryptocurrency friendlier” promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into BTC after experiencing a dark wave in the past months.&nbsp; 
During his campaign, Trump positioned himself as the “crypto candidate”, embracing digital currencies on multiple fronts, such as accepting donations in various crypto assets, signaling his acceptance of the burgeoning sector.&nbsp; 
A month before the election, Trump launched a new cryptocurrency venture called World Liberty Financial – a decentralized finance (DeFi) protocol that aims to blur the lines between traditional finance and DeFi. The move has been pictured as a strategy to establish his growing influence in the crypto market.&nbsp; 
At a Bitcoin conference in Nashville, Donald Trump expressed that he was going to make the United States the crypto capital of the world. As part of his plans, he pointed out the possibility of establishing a crypto reserve that will be used to cover the United States’ $36 trillion debt.&nbsp; 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1139" height="651" src="https://technext24.com/wp-content/uploads/2024/11/DALL·E-2024-04-04-13.44.22-A-wide-digital-illustration-showcasing-a-large-golden-Bitcoin-symbol-at-the-center-superimposed-over-an-American-flag-that-fills-the-background.-The.png" alt="Bitcoin victory amidst US Election" class="wp-image-239057">
</figure> 
His victory at the US election has also seen the value of BTC, the world’s largest cryptocurrency by market cap, to multiple all-time highs in weeks.&nbsp;&nbsp; 
Tony Sycamore, market analyst at IG, said Bitcoin’s rise to a record high was supported by the Trump deal talk report, and traders were taking advantage of the first day of options trading on the Nasdaq over BlackRock’s BTC. 
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.” 
Read More: <a target="_blank" href="https://technext24.com/2024/11/20/bitcoin-hits-record-high-94000-mark/" rel="noreferrer noopener">Bitcoin hits record high $94,000 mark, now valued $3 trillion</a>.

Bitcoin hit another record high $97,000, now gained more than 127% in 2024

Technext.ng

Other articles published on Nov 21, 2024

These 5 altcoins could outshine SOL and XRP in the coming bull run

Binance on BFUSD: Not a Stablecoin, High-Yield Concerns Addressed

Crypto Liquidations Top $450 Million as Bitcoin Price Eyes $100,000

OpenSea Unveils Major Upgrade to NFT Marketplace, Set to Launch in December

SuperEx丨The resurgence of NFT value: Has it emerged from its downturn?

XRP Price Prediction: Bitcoin Dominance Collapse Could Trigger a Massive Rally!

Join our free newsletter for daily crypto updates!