Bitcoin breaches $94,000 to reach record high value

Bitcoin, the world's biggest and widely known cryptocurrency, on Wednesday surpassed the $94,000-mark amid a report claiming that US President-elect Donald Trump's social media company was in talks to buy crypto trading firm Bakkt which added to hopes of a cryptocurrency-friendly regime under the incoming administration.

Bitcoin has more than doubled this year. It was last at $92,104 in Asian hours today. Prior to this, it touched a record high of $94,078 just toward the end of the previous session.

Meanwhile, citing two people with knowledge, The Financial Times has said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which 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.

Cryptocurrencies have soared since the November 5 US election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.

The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator 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".