Bitcoin hit a record high on Wednesday, reaching over $90,000, as the cryptocurrency market reacted positively to President-elect Donald Trump’s pledge to reduce regulatory constraints on digital assets.
Crypto News Media Data Coin Office showed Bitcoin hitting an all-time high of $91,000 before falling slightly to $90,670, reflecting strong investor confidence fueled by anticipated policy changes favoring the cryptocurrency.
How big is a Bitcoin asset?
On Tuesday, Bitcoin became the eighth largest global asset following Trump’s electoral success.
The cryptocurrency has overtaken silver to become the world’s eighth-largest asset, reaching a market capitalization of $1.752 trillion and narrowly surpassing silver’s $1.726 trillion.
Following Trump’s victory over Kamala Harris in the November 5 presidential election, traditional currencies, cryptocurrency markets, individual stocks, and U.S. stocks all saw significant gains.
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Why has Bitcoin gone up?
Investors are reacting to expectations of deregulation and possible tax cuts under the 47th U.S. president. This market surge, nicknamed “the Trump effect” by the information platform Technology chartreflects optimism about anticipated economic policies favoring business growth and investment.
Since Tuesday, Bitcoin’s valuation has increased significantly, approaching the $1.804 trillion market capitalization of Saudi Aramco, the state-controlled Saudi oil and natural gas giant. However, Bitcoin still lags behind technology leaders such as Microsoft, Apple, Google and NVIDIA, which occupy the top positions globally. Gold remains the world’s most valuable asset, with an all-time high market capitalization of $17.6 trillion as of Tuesday.
Does Trump Support Bitcoin?
During his 2024 campaign, Trump’s interest in the cryptocurrency market grew, even though he had previously derided Bitcoin as “a scam.”
“I don’t like it because it’s another currency competing with the dollar,” he said in 2021. He later said he wanted the United States to become “the crypto capital of the planet.”
Although he has not detailed specific crypto policies, Donald Trump has demonstrated increasing engagement with the cryptocurrency community, including as a keynote speaker at Bitcoin 2024 in Nashville, Tennessee, in July last.
Trump also announced that he would create “a Presidential Advisory Council on Bitcoin and Crypto,” providing a more collaborative approach to crypto regulation by giving industry insiders a seat at the table.
Further signaling his interest in the sector, Trump announced the launch of his own crypto business, World Liberty Financial, in September. These moves reflect a growing alignment with the industry, suggesting potential crypto-friendly initiatives during his next term.
Experts had anticipated a sharp rise in cryptocurrency markets following Trump’s election victory, driven in part by his pledge to oust SEC Chairman Gary Gensler and boost Bitcoin mining in the United States, as the report reports. Coin-operated telegraph. These potential policy changes are considered favorable for the crypto sector, with investors expecting reduced regulatory barriers and increased support for the development of digital assets in the country.
News week contacted Trump’s representatives for comment via email.
