Bitcoin surged close to $90,000 on Tuesday, buoyed by expectations of a crypto-friendly shift in US government policy following Donald Trump’s recent presidential victory. Cryptocurrency investors anticipate favorable regulations and broader support for digital assets under the new administration, which has sparked a wave of optimism across the crypto market.
Since Trump’s election win, Bitcoin, the world’s largest cryptocurrency, has been a standout performer, hitting $89,637 in Asian markets—a nearly 25% increase since November 5. The rally is not limited to Bitcoin; other cryptocurrencies like Ethereum (ETH) and Dogecoin (DOGE) have also surged amid the broader market excitement.
Investor confidence has also driven gains in Tesla’s stock, which rose nearly 40% since the election results. Speculators believe that Trump’s network and personal investments will see substantial growth, further adding to the market’s positive sentiment. Throughout his campaign, Trump voiced support for digital assets, vowing to establish the United States as the “crypto capital of the world” and to amass a national Bitcoin reserve. While the timeline for such ambitious goals remains unclear, the possibility alone has fueled speculative trading in crypto mining and blockchain stocks.
On Wall Street, crypto miner Riot Platforms saw its shares jump nearly 17% on Monday, with additional gains in after-hours trading. Other major miners, including MARA Holdings and CleanSpark, soared nearly 30%. Bitcoin investor and software firm MicroStrategy revealed it spent approximately $2 billion on Bitcoin purchases between October 31 and November 10, sending its shares up 26%, with further gains in after-hours trading.
Optimism also stems from Trump’s campaign promises to scale back regulatory scrutiny of the crypto market. Trump has indicated he would replace current SEC Chair Gary Gensler, who has maintained a strict stance on crypto regulation. Trump’s pledge to promote cryptocurrency was underscored by his recent announcement of World Liberty Financial, a new crypto business launched in September.
With mounting excitement in the crypto world and expectations of reduced regulatory hurdles, Bitcoin’s climb has galvanized a range of digital assets and spurred renewed interest across the sector. As traders and investors brace for potential regulatory shifts, Bitcoin’s approach to the $90,000 mark signals a dynamic new phase for the crypto market under the upcoming Trump administration.
