Bitcoin Hits $94,000: Trump Influence Fuels Cryptocurrency Surge: Bitcoin hit a record high of $94,078, raising a new high after Trump clinched victory in the November 5 U.S. presidential election. Bitcoin was still firm at $92,104 in Asian trading on Wednesday (November 20) and has been on an upward trend due to happy expectations of a pro-crypto political climate.
The recent increase stems from a report in The Financial Times stating Trump Media and Technology Group (OTC: DJT), a company operating Truth Social and 53% owned by Trump, is discussing buying cryptocurrency trading platform Bakkt.
Bakkt, which the Intercontinental Exchange of NYSE owns, is essential in the continued expansion of cryptocurrency. It has boosted the prospect of establishing pro-crypto policies within the Trump administration’s term, as this boosts spirits among investors.
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On the same note, Bitcoin has been boosted by the Nasdaq’s opening of options linked to BlackRock’s Bitcoin ETF, a significant step toward the more mainstream acceptance of cryptocurrencies.
Tony Sycamore, a market analyst at IG: Bakkt, continues to be rumored to be acquired, and BlackRock’s ETF says several factors have boosted Bitcoin. Trump’s election victory has also impacted the larger cryptocurrency market even more.
People believe that his administration and a friendly crypto Congress will create favorable conditions for the development of digital assets. The optimism speaks to months of inactivity or even declines on a week-to-week basis in significant sections of the crypto space, which makes traders and others more hopeful about Bitcoin’s expansion.
Amidst the expectation, Bitcoin has created such an extraordinary rise that reflects a burgeoning linkage between politics and digital currency and has turned itself into the global center of investment attraction.
