Since Donald Trump won the U.S. election last week, Bitcoin has risen to all-time highs as investors expect a more welcoming climate for cryptocurrencies.
Bitcoin burst above the $90,000 barrier on Wednesday, setting an all-time high in a rise that shows no signs of slowing.
The biggest cryptocurrency in the world, which peaked at $93,480 on Wednesday before reversing its gains, has emerged as one of the most notable movements in the week following the election.
It has increased 32% since the election on November 5th; however, it was recently a little lower at $88,185.
While dogecoin, an alternate, erratic token backed by billionaire Trump friend Elon Musk, went up more than 150% since Election Day, smaller peer ether has also increased 37%.
During his campaign, Trump embraced digital assets, vowing to build a national bitcoin stockpile and turn the US into the “crypto capital of the planet.”
Although it is unclear how or when that may occur, the prospect sparked a speculative spike in stock trading and cryptocurrency mining.
Investors in cryptocurrencies believe that Trump will cease the Securities and Exchange Commission’s increasing scrutiny. In September, Trump and his sons unveiled World Liberty Financial, a new cryptocurrency company.
The CEO of IG North America and president of its tastytrade retail broking, JJ Kinahan, stated, “Many people think that we will inevitably get to bitcoin at $100k.”
Some people warned investors not to get swept up in the cryptocurrency hype.
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