Bitcoin Rises Above 90 000 On Trump Euphoria

Bitcoin charged past the 90 000 level on Wednesday, as its relentless rally showed no signs of easing on expectations that Donald Trump as US president and his administration will be a boon for cryptocurrencies. The worlds biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched 91 110 - a record high. It was last up 3 at 91 016, marking a 32 rise since the Nov. 5 election. Smaller peer ether has similarly soared 37 since election day, while Dogecoin, an alternative token, promoted by billionaire Trump-ally Elon Musk was up more than 150 as the bitcoin frenzy extended across the crypto landscape. 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 not clear how or when that could happen but the possibility drove a speculative surge in crypto mining and trading stocks. Software company and investor in bitcoin MicroStrategy MSTR.O, opens a new tab announced it had spent about 2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares scaled a record high on Tuesday. Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September. 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.