Bitcoin hit a new record high above $94,000 after the Financial Times reported that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt Holdings.

In particular, the report of the Financial Times states that the Trump Media and Technology Group is on the verge of acquiring the cryptocurrency trading company Bakkt Holdings.

Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year to hit $92,104 on Wednesday (Asia time), having first touched a record high of $94,078 just towards the end of the previous session.

Tony Sycamore, market analyst at IG, said bitcoin’s rise to a record high was supported by the report of a possible deal with Trump.

Cryptocurrencies have soared since the Nov. 5 U.S. election as traders bet that Trump’s promises to support digital assets will come to fruition and lead to a less restrictive regulatory regime, breathing some life into the previously sluggish bitcoin. .

The growing excitement has pushed the value of the global cryptocurrency market above $3 trillion to an all-time high, according to analytics platform CoinGecko.