Bitcoin approaches $90,000, surging 30% since Trump’s re-election
Bitcoin soared to nearly $90,000 on Tuesday, driven by a surge of optimism following Donald Trump’s election as U.S. president, fuelled by expectations that his administration would adopt a crypto-friendly stance.
The world’s leading cryptocurrency, Bitcoin (BTC), has been one of the standout performers since the election, hitting $89,982, that is a 30% rise since November 5.
“The crypto enthusiasts think they have a like-minded incoming president,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
“The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it’s hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes.”
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.
However, it remains unclear how or when this might occur, yet the possibility has sparked a speculative surge in crypto mining and trading stocks.
