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Bitcoin reached a record high above $94,000 as reports emerged that Donald Trump's social media company, Trump Media and Technology Group, is in talks to acquire crypto trading firm Bakkt.

This news has fueled optimism about a cryptocurrency-friendly regime under the incoming Trump administration.

READ MORE: Trump Media rumor sees Bakkt shares surge 162%

Bitcoin, the world's largest and most well-known cryptocurrency, has more than doubled in value this year, touching a record high of $94,078 on Wednesday.

The Financial Times, citing two sources, reported that Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, backed by NYSE-owner Intercontinental Exchange.

Tony Sycamore, market analyst at IG, said Bitcoin's rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock's Bitcoin ETF.

Cryptocurrencies have soared since the Nov. 5 U.S. election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into Bitcoin after a listless few months.

The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.

Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for Bitcoin, and "another kick higher should bring in a fresh chase from those who like to buy what's strong."

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