Bitcoin surpasses $96,000 amid optimism over Trump's crypto agenda

By Al Mayadeen English
Source: Agencies
21 Nov 2024 10:08

On Binance, the world’s largest cryptocurrency exchange by trading volume, Bitcoin climbed 5.83% overnight, reaching $97,403.37 as of 05:14 GMT.

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A picture taken on February 6, 2018, shows a person holding a visual representation of the digital crypto-currency Bitcoin (AFP via Getty Images)

Bitcoin surged to an all-time high on Thursday, exceeding $97,000, according to trading data.

On Binance, the world’s largest cryptocurrency exchange by trading volume, Bitcoin climbed 5.83% overnight, reaching $97,403.37 as of 05:14 GMT. The highest trading price recorded on the platform was $97,720.

According to CoinMarketCap, which aggregates prices from over 20 exchanges, Bitcoin's value increased by 2.84% over the past 24 hours, averaging $97,486.

The Financial Times reported earlier this week that Trump Media & Technology Group Corp., owned by US President-elect Donald Trump, was in discussions to acquire the Bakkt cryptocurrency trading platform.

Analysts noted that speculation around the potential deal positively influenced cryptocurrency market dynamics.

Bitcoin's upward trajectory began following news of Trump’s victory in the US presidential election earlier in November. Since November 5, the cryptocurrency has risen approximately 44%, climbing from around $67,000 to over $97,000.

The billionaire vowed during his campaign to transform the United States into the "bitcoin and cryptocurrency capital of the world" and proposed appointing tech magnate Elon Musk to lead a comprehensive audit of government waste.

Stephen Innes of SPI Asset Management commented that the surge is fueled by growing confidence in Trump's commitment to ushering in a crypto-friendly era.

"Speculators rally behind the narrative, fueling a frenzy as the digital asset edges toward an unprecedented valuation," Innes was quoted as saying by AFP.

Meanwhile, Will Peck, head of digital assets at WisdomTree, a global exchange-traded fund issuer, said, "Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It's likely too soon to say," as quoted by Reuters.