Bitcoin has breached the $94,000 mark for the first time in history, fueled by growing optimism surrounding the potential acquisition of crypto trading firm Bakkt by Donald Trump’s media company.

This surge marks a significant milestone for the world’s leading cryptocurrency, which has more than doubled in value this year.

As of Wednesday morning in Asia, Bitcoin was trading at $92,104, after briefly touching a record high of $94,078 in the previous session.

The dramatic rise follows a report by the Financial Times, citing sources with knowledge of the matter, which revealed that Trump Media and Technology Group, the parent company of Truth Social, is nearing an all-stock deal to acquire Bakkt, a crypto trading platform backed by the NYSE’s parent company, Intercontinental Exchange.

Market analysts are attributing Bitcoin’s record-breaking surge to this report, which has sparked renewed enthusiasm among traders. Tony Sycamore, market analyst at IG, noted that the Trump-related news, combined with the launch of options trading on Nasdaq and the backing of BlackRock’s Bitcoin ETF, has created a perfect storm for Bitcoin’s rise.

The growing euphoria surrounding cryptocurrencies has been further fuelled by a sense of optimism following the U.S. elections on November 5.

Many traders are betting that President-elect Trump’s pro-crypto stance could lead to a more favorable regulatory environment for digital assets, a sentiment that has already boosted Bitcoin's value significantly in the past few weeks.

Chris Weston, head of research at Australian online broker Pepperstone, echoed this sentiment, saying that there is genuine buying pressure behind Bitcoin’s rally. “Another push higher is expected, attracting new investors who are eager to buy into the strength of the market,” he said.

The rise in Bitcoin prices has contributed to a broader rally in the cryptocurrency market, which has now surpassed a market valuation of $3 trillion, according to CoinGecko, a leading data aggregator.

This surge highlights the growing confidence in digital assets, particularly as institutional interest in cryptocurrencies continues to expand.