1 week Ago
Bitcoin surged past $90,000 on Wednesday, setting a new record as investors bet on favourable cryptocurrency policies under Donald Trump's administration. Since the US election on November 5, Bitcoin has risen over 30%, briefly reaching $93,480 before settling at around $88,000. At the time of writing, it is worth $90,282.
Investors are optimistic about Trump's potential support for digital assets, according to a recent Reuters article on the surge in Bitcoin's price. Trump has promised to make the US a global leader in cryptocurrency, even suggesting Bitcoin could become a part of the country's financial reserves, says Reuters. Trump and his family have also recently launched a crypto business, further fueling speculation about relaxed rules for Bitcoin and other digital assets.
Other cryptocurrencies have also seen gains. Ethereum is up 37%, and Dogecoin, promoted by Trump supporter Elon Musk, has jumped more than 150%, states Reuters. Still, some experts caution that Bitcoin's rapid climb could lead to volatility.
While the current excitement is high, analysts warn prices could dip if policies don't turn out as expected..
