Bitcoin makes its first breach of $94,000.

As news broke that Donald Trump’s social media company was in negotiations to acquire cryptocurrency trading platform Bakkt (BKKT.N), Bitcoin surged to a record high above $94,000, adding to optimism that the next Trump administration would be cryptocurrency-friendly.

This year, Bitcoin, the largest and most well-known cryptocurrency in the world, has more than doubled in value. Just before the close of the previous session, it reached a record high of $94,078 before closing at $92,104 in Asian hours on Wednesday.

According to the Financial Times, which cited two persons with knowledge, NYSE-owner Intercontinental Exchange (ICE.N) is supporting Trump Media and Technology Group (DJT.O), opens new tab, which runs Truth Social, in its pursuit of an all-stock purchase of Bakkt.

In addition to traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF (IBIT.O), Tony Sycamore, market analyst at IG, stated that the Trump deal chatter had helped push bitcoin to a record high.

As traders hoped that President-elect Trump’s pledged support for digital assets would result in a less stringent regulatory framework and give bitcoin a boost after a sluggish few months, cryptocurrencies have surged since the U.S. election on November 5.

According to data and analytics aggregator CoinGecko, the global cryptocurrency market is now worth over $3 trillion, a new high, due to the growing excitement.

Australian online broker Pepperstone’s head of research, Chris Weston, stated that there is genuine underlying purchasing pressure on bitcoin and that “another kick higher should bring in a fresh chase from those who like to buy what’s strong.”