Bitcoin soared close to the $90,000 mark on Tuesday, fueled by optimism surrounding Donald Trump’s election and expectations of a more crypto-friendly U.S. administration. The cryptocurrency reached $89,637 in Asia, marking a 25% gain since November 5.
This rally has coincided with a surge in Tesla’s stock, up nearly 40% as investors speculate that Trump’s allies will benefit under his leadership. Bitcoin investor MicroStrategy added to the momentum by purchasing approximately $2 billion worth of bitcoin between October 31 and November 10, pushing its shares up by 26%.
The broader crypto market has also benefited, with assets like ether and dogecoin posting strong gains. Investors anticipate reduced regulatory scrutiny as Trump has indicated plans to replace current SEC Chair Gary Gensler. Trump’s recent launch of World Liberty Financial, a crypto-focused venture, has further fueled market excitement.
“This isn’t just a price milestone; it’s a signal that bitcoin is becoming a stable, even politically favorable, asset,” noted Justin D’Anethan of Keyrock.
