ALBAWABA – Bitcoin, the first decentralized cryptocurrency, sets a new record today by surpassing $94,000 for the first time. The value of the prominent cryptocurrency doubled recently, creating new opportunities and increased interest among investors.
Bitcoin exceeds $94,000 for the first time
Bitcoin recorded a valuation of $94,078 during the latest trading session, marking its highest price ever recorded.
The value of Bitcoin saw a significant increase following the recent election of President-elect Donald Trump. The recent surge is attributed to the support and promises Trump made regarding Bitcoin.
Upon winning the US presidential election, Donald Trump promised to establish a Bitcoin reserve and support the growth of the US Bitcoin mining sector.
Bitcoin recorded a valuation of $94,078 during the latest trading session, marking its highest price ever recorded. (Shutterstock)
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the US government currently holds or acquires into the future,” Trump stated previously.
James Butterfill, CoinShares Head of Research, commented: “We would argue that prices could rise further given we have a combination of positive political momentum, social media hype, a continuation of interest rate cuts and the prospects of Bitcoin becoming a strategic reserve asset in the US.”
Trump Media Group to acquire Bakkt
Recent rumors said that Trump Media Group (TMG), the American media and technology company that runs Truth Social social-media platform and is primarily owned by US president-elect Donald Trump, is set to acquire Bakkt, a crypto trading platform.
This recent news helped drive a boost in Bitcoin’s value, amid the potential support Trump promised for digital assets. The global cryptocurrency market recorded a valuation of approximately $3 trillion, as reported by CoinGecko.
Overall, the price of Bitcoin surged by almost 32% since the beginning of the US presidential election on November 5. This was driven by promises from President-elect Donald Trump to support Bitcoin.
Analysts expect Bitcoin to exceed $100,000 by the end of 2024, driven by increased demand for ETFs and potential interest rate cuts by the US Federal Reserve.
