Today’s News
Bitcoin surged to a new all-time high, crossing USD 94,000, fueled by reports of a potential acquisition by Donald Trump’s social media company. The rally reinforced hopes for a cryptocurrency-friendly environment under the incoming Trump administration.
Image Source: CTV News
The world’s largest cryptocurrency more than doubled in value this year and was trading at USD 92,104 during Asian hours on Wednesday. Bitcoin briefly reached its historic peak of USD 94,078 late Tuesday, marking a significant milestone for the digital asset.
Trump Media Eyes Crypto Expansion
The Financial Times reported that Trump Media and Technology Group, the operator of Truth Social, is in advanced talks for an all-stock acquisition of Bakkt, a crypto trading firm backed by Intercontinental Exchange (ICE). This potential deal underscores the growing interest in digital assets from key players in the business and political sectors.
Tony Sycamore, a market analyst at IG, noted that Bitcoin’s latest rally was driven by excitement over the Trump deal as well as the launch of Bitcoin ETF options trading on Nasdaq, including BlackRock’s Bitcoin ETF.
Post-Election Crypto Boom
Cryptocurrencies have soared since the U.S. election on November 5, with traders betting on regulatory support under Trump’s presidency. The optimism surrounding digital assets has revitalized Bitcoin, which had been trading flat for months prior to the election.
The global cryptocurrency market’s total value has now surpassed USD 3 trillion, according to data from CoinGecko, setting a new record.
Chris Weston, head of research at Pepperstone, highlighted the strong buying momentum, saying, “Another kick higher should bring in a fresh chase from those who like to buy what’s strong.”
The developments have not only bolstered Bitcoin’s value but also reignited enthusiasm in the broader cryptocurrency space.
Other News
Cautious Asian Shares Eye Nvidia Results; Dollar Eases
Asian markets remained cautious as investors awaited Nvidia’s earnings, with shares of the AI leader set for a potential 9% swing.
Walmart, U.S. Companies Voice Tariff Concerns
Major U.S. firms, including Walmart, warn that President-elect Donald Trump’s proposed tariffs could hike costs and fuel inflation.
Pfizer Denied $75M in SEC Insider Trading Settlement
A U.S. judge ruled that Pfizer cannot claim USD 75.2 million from an SEC settlement involving insider trading by SAC Capital.
Risk Disclosure:
Securities, Futures, CFDs and other financial products involve high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding your initial investment could incur within a short period of time.
Please make sure you fully understand the risks of trading with the respective financial instrument before engaging in any transactions with us. You should seek independent professional advice if you do not understand the risks explained herein.
Disclaimer:
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
The above strategies reflect only the analysts’ opinions and are for reference only. They should not be used or considered as the basis for any trading decisions or as an invitation to engage in any transaction. Doo Prime does not guarantee the accuracy or completeness of this report and assumes no responsibility for any losses resulting from the use of this report. Do not rely on this report to replace your independent judgment. The market is risky, and investments should be made with caution.
