Bitcoin, the world’s leading crypto currency, exceeded the $94,000 mark, reaching a new all-time high.

This surge follows reports that President-elect Donald Trump’s social media company is negotiating to acquire the crypto trading platform Bakkt, raising expectations for a more crypto currency-friendly regulatory environment under the upcoming administration.

Bitcoin’s price has more than doubled this year, recently trading at $92,104 during Asian market hours before hitting a peak of $94,078 at the close of the previous session.

According to The Financial Times, the Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock deal for Bakkt, a company supported by the Intercontinental Exchange, the owner of the NYSE.

Market analyst Tony Sycamore from IG noted that Bitcoin’s ascent is driven by speculation around the Trump deal and the launch of options trading on Nasdaq for BlackRock’s Bitcoin ETF.

Since the November 5 US elections, cryptocurrencies have surged as traders anticipate that Trump’s support for digital assets could lead to a more favorable regulatory landscape, rejuvenating Bitcoin after a period of stagnation.

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This growing enthusiasm has pushed the global cryptocurrency market’s value beyond $3 trillion, a record high according to analytics firm CoinGecko. Chris Weston, head of research at Pepperstone, stated that there is significant buying interest for Bitcoin and expects further price increases to attract more investors.