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Bitcoin breaches US$90,000 on Trump support

2024-11-14 HKT 01:29
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  • Bitcoin soared to fresh heights in topping US$90,000, after Donald Trump pledged to ease regulation around digital tokens. Photo: Reuters
    Bitcoin soared to fresh heights in topping US$90,000, after Donald Trump pledged to ease regulation around digital tokens. Photo: Reuters
Bitcoin broke through the US$90,000 level on Wednesday, as its rally showed no signs of easing on expectations that Donald Trump as US president will be a boon for cryptocurrencies.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and on Wednesday touched record highs.

It’s value has rocketed up 32 percent since the November 5 election.

Smaller peer ether has risen 37 percent since election day, while dogecoin, an alternative, volatile token promoted by billionaire Trump-ally Elon Musk was up more than 150 percent.

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is unclear how or when that could happen but the possibility drove a speculative surge in crypto mining and trading stocks.

"Key areas to monitor include potential regulatory changes, increased institutional participation, and a rise in M&A activity," said Carl Szantyr, managing partner of digital asset hedge fund Blockstone Capital.

"The new political landscape may bring clearer regulations for crypto assets and could prompt strategic developments, such as a national bitcoin reserve and growth in the mining sector." (Reuters)

Bitcoin breaches US$90,000 on Trump support