Bitcoin has hit a record all-time high and reached USD 94,000 for the first time. According to a Reuters report, this upsurge comes amid reports that US President-elect Donald Trump's social media company was in talks to buy crypto trading firm Bakkt. Furthermore, the reports have fuelled hopes that Trump's second run in the White House will bring a robust crypto-friendly administration.

Just at the end of the previous session, the world's biggest cryptocurrency has doubled through 2024 and has hit the record USD 94,078 milestone before paring to USD 92,104 in Asia early on November 20. Edul Patel, Co-founder and CEO at Mudrex has also factored the debut of the first Bitcoin ETF option for the current price hike.

He further added, “BlackRock's Option saw a record USD 1.9 billion in trading volume on its first day, fueling Bitcoin's price rally. However, profit-taking following the peak has pulled BTC back to its current level of USD 92,000. Meanwhile, escalating Ukraine-Russia tensions have put investors in a cautious mode. Bitcoin now faces resistance at UDS 94,600, with support holding steady at USD 90,400.”

Cryptocurrencies have soared on the back of his promised support for digital assets since Trump's victory in the 2024 US Presidential Elections in November, 2024.

According to data from CoinGecko, traders are looking out for less restrictive regulation, wherein, the increasing excitement has pushed the global crypto market value USD 3.2 trillion; this is a record high too. Chris Weston, head of research at Australian online broker Pepperstone, stated, “There is real underlying buying pressure for bitcoin, and another kick higher should bring in a fresh chase from those who like to buy what's strong.”