Bitcoin rose above $94,000 for the first time, marking a historic high. This growth is linked to reports that Donald Trump’s media company, Trump Media and Technology Group, is negotiating the acquisition of the crypto trading platform Bakkt. According to the Financial Times, the deal involves a stock swap, and Bakkt is backed by the owner of the New York Stock Exchange, Intercontinental Exchange.

Analysts also attribute the cryptocurrency’s rise to the launch of options trading for BlackRock’s ETF on the Nasdaq platform. Tony Sycamore, an analyst at IG, said these events were the key drivers of the movement.

The total cryptocurrency market capitalization reached $3 trillion, according to CoinGecko, as traders show strong interest in buying Bitcoin amid expectations of a more lenient regulatory policy from the incoming Trump administration.