Crypto
Bitcoin breaches $94,000 for the first time, record all-time high | Stock Market News
Bitcoin has hit a record all-time high above $94,000 for the first time amid reports that US President-elect Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt, Reuters reported on November 20.
The reports fuelled hopes that Trump’s second time in the White House will bring a crypto-friendly administration, it added.
Record High Milestone
The world’s biggest cryptocurrency has more than doubled through 2024. It hit the record $94,078 milestone just at the end of the previous session, before paring to $92,104 in Asia early on November 20.
Speaking to Livemint, Edul Patel, Co-founder and CEO of Mudrex also credited the debut of the first Bitcoin ETF option for the price hike.
“BlackRock’s Option saw a record $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 $92,000. Meanwhile, escalating Ukraine-Russia tensions have put investors in a cautious mode. Bitcoin now faces resistance at $94,600, with support holding steady at $90,400,” he added.
Why The Hike?
According to a report by The Financial Times, citing two sources, the Trump Media and Technology Group, which operates Truth Social, is in talks for an all-stock acquisition of Bakkt.
Bakkt is backed by NYSE-owner Intercontinental Exchange.
Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF.
Crypto Markets on High
Since Trump’s victory in the 2024 US Presidential Elections on November , 2024, cryptocurrencies have soared on the back of his promised support for digital assets.
Traders are watching for less restrictive regulation and and growing excitement has pushed the global crypto market value $3.2 trillion — a record high too, according to data from CoinGecko.
Chris Weston, head of research at Australian online broker Pepperstone, said 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”.
(With inputs from Reuters)
PHOENIX (AZFamily) — Cryptocurrency is appearing on more holiday wish lists as gift-givers look for alternatives to traditional presents.
A new survey from the National Cryptocurrency Association and PayPal shows 24% of Americans have given or are considering giving cryptocurrency this holiday season.
The survey also found that 17% of consumers would rather receive cryptocurrency than a gift card, and 31% of Americans believe crypto gifts are less likely to go unused than gift cards.
“It’s actually a trending holiday gift, especially compared to gift cards,” said Ali Tager, a spokesperson for the NCA. “We know crypto is becoming increasingly mainstream.”
Tager said people like receiving cryptocurrency because it has the potential to increase in value.
“There’s so much you can do with this technology and it’s still in its early days,” she said.
Financial advisor Angelica Prescod said there are other investment options to consider for gift-giving.
“One of them is just gifting people something simple. Maybe some shares of some stocks that you may already have, that you are gifting over, or you can give them the cash to do so and open up their own account and feel involved in the process,” Prescod said. “For most folks [cryptocurrency] is not really the go to.”
Gift-givers can also contribute to 529 plans for college and other education expenses.
“It’s that gift that potentially can keep on giving,” Prescod said.
For those still interested in giving cryptocurrency, experts recommend doing research first.
“Like with everything, anywhere, you always want to do your research. You want to make sure to verify your sources. You never want to take financial advice from strangers or click on random links that you receive,” Tager said.
The National Cryptocurrency Association offers a crypto simulator that helps users learn how to choose an exchange, set up a wallet, and send and receive cryptocurrency without spending real money.
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