Bitcoin Tests $94,000 on Hope, Excitement of Friendly Regulation
The bitcoin price tested $94,000 before the world’s largest cryptocurrency retreat on improved sentiment. This first-time trading level of $94,000 happened after a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt.
This boosted hopes of a cryptocurrency-friendly regime under the incoming Trump administration. The Financial Times, citing two people with knowledge, 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.
The total market value of the cryptocurrency industry increased 0.8% in the past 24 hours to $3.1 trillion. Total trading volume shrank 4.05% to $181.58 billion.
Data from CoinMarketCap.com showed that the total volume in DeFi has reached $8.68 billion, accounting for 4.78% of the total crypto market 24-hour volume.
The volume of all stable coins is now $166.73 billion, which is 91.82% of the total crypto market 24-hour volume. The bitcoin price has slipped to $93,600 due to mild selloffs.
Bitcoin (BTC-USD) hit a record high of $94,000 intraday Tuesday, while other major digital assets traded mixed. The CoinDesk Market Index, which tracks 126 digital assets, was 1.4% higher in the past 24 hours.
The Nasdaq 100 was up 0.6% in late trade, the S&P 500 rose 0.3%, while the Dow Jones Industrial Average eased 0.3%. Bitcoin, the most popular cryptocurrency, was up 1.5% recently at $92,908, trimming gains shortly after touching $94,000, according to CoinMarketCap data.
Ethereum (ETH-USD), the second-largest digital asset, fell 1.6% to $3,105. Solana (SOL-USD) climbed 0.9%, while BNB (BNB-USD) dipped 1.2%. XRP (XRP-USD) dropped 1%, while Dogecoin (DOGE-USD) and Cardano (ADA-USD) advanced 5% and 1.7%, respectively.
The US 10-year Treasury yield closed at 4.379%, down from Monday’s close of 4.416%, while the five-year yield dropped to 4.248% from 4.278%. #Bitcoin Tests $94,000 on Hope, Excitement of Friendly Regulation . Naira Depreciates Ahead of 2-Week Automated FX Trading Trial
