Business Desk 
Nov 20, 2024
Bitcoin value surged past the historical $94,000 mark on Wednesday, owing to a recently kicked-off frenzy surrounding the realm of cryptocurrency following the US elections.
Reuters reported that the sky-high leap was led by reports circulating on the internet suggesting that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt.
On the other hand, crypto analysts claim that the record-high hike was triggered by the incumbent, Trump-led US administration's inclination towards cryptocurrency-friendly policies.
Since the outset of the ongoing year, Bitcoin, the world's biggest cryptocurrency, has more than doubled. Prior to a sudden surge, it stood at $92,104 in Asian hours on Wednesday, followed by its flight to a record high $94,078 as the previous session approached its end.
Citing sources, the publication noted that Trump Media and Technology Group, which operates Truth Social, is closing in on the acquisition of Bakkt, a crypto trading firm backed by NYSE-owner Intercontinental Exchange.
The Bitcoin's all-time high value forms part of all the cryptocurrencies shooting up on the backdrop of November 5 US elections.
The euphoria surrounding the crypto-friendly regime has led the global cryptocurrency market's value above $3 trillion, according to the analytics and data aggregator CoinGecko.
