SINGAPORE: Bitcoin rose to a fresh record high above $94,000 as a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.

Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year. It was last at $94,291 just under a record high of $94,378.

The Financial Times 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.

“Trump’s seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office,” said Stéphane Ouellette, chief executive officer of crypto trading firm FRNT Financial.