Bitcoin price has hit an all-time high in the past few hours, supported by a series of developments that confirm the growing adoption of digital currencies within the United States under the leadership of President-elect Donald Trump, who is known for his support for crypto assets.
One of the main drivers of this increase was the ongoing discussion about the purchase of digital asset specialist Bakkt Holdings by Trump Media and Technology Group. This news sent the stock prices of both companies significantly higher.
Meanwhile, Nasdaq announced plans to list trading options on the $43 billion iShares Bitcoin Trust, the first of its kind, and Goldman Sachs (NYSE:GS) also signaled the separation of its digital asset platform, reflecting the growing role of cryptocurrencies and blockchain technologies in the traditional financial system.
Bitcoin price movements
Bitcoin has hit a new record high of $93,751, surpassing the previous record of $93,462 set on November 13, and is now trading at $93,000, up about 1.5% in the past 24 hours. Since Trump won the election on November 5, Bitcoin has surged 40% in value, thanks to his promises to turn the United States into a global cryptocurrency hub.
“The return of cryptocurrencies to the forefront is a positive development that is adding to the positive sentiment, especially with the recent news regarding Trump and Bakkt,” Chris Weston, head of research at Pepperstone Group, wrote in an analyst note.
Trump has pledged to provide a supportive regulatory framework for digital assets and create a strategic reserve for Bitcoin. However, the timeline for these steps remains unclear, raising questions about the sustainability of the cryptocurrency’s price rally.
