Bitcoin Soars Towards $90,000 Amid Trump Victory Euphoria
The rally has been fueled by anticipation that Trump’s administration will be more supportive of the crypto industry, signaling an end to the increased regulatory scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler, who Trump has suggested he would replace.
Bitcoin has surged to nearly $90,000, marking a record-breaking rally driven by optimism surrounding Donald Trump's presidential victory. The cryptocurrency, which has risen more than 25% since November 5, touched a high of $89,637 in Asia, fueled by expectations that Trump's administration will be favorable to the crypto industry. Bitcoin's price jump follows a similar rise in Tesla's stock, as investors anticipate that Trump's allies and policies will benefit industries such as crypto.
Trump's campaign support for digital assets, including his promise to make the U.S. the "crypto capital of the planet," has triggered a speculative wave in crypto markets. Investors are now considering the potential for other nations to stockpile Bitcoin in anticipation of U.S. actions, further boosting the appeal of crypto assets.
Crypto mining stocks, including Riot Platforms, MARA Holdings, and CleanSpark, saw significant gains, as did MicroStrategy, which recently spent $2 billion on Bitcoin. Smaller cryptocurrencies, such as Ether and Dogecoin, also experienced price surges.
Market analysts believe that Trump's crypto-friendly policies could signal a shift towards Bitcoin becoming a more stable and politically favored asset. This optimism is also attributed to the possibility of Trump replacing SEC Chair Gary Gensler, who has been a critic of the crypto industry.
