Bitcoin hit an all-time high, crossing the $90,000 mark for the first time as a renewed rally took hold. This surge follows President-elect Donald Trump’s favorable stance on cryptocurrency, fueling optimism in the market. After a slight dip earlier on Wednesday, Bitcoin rose past $91,000, showing a 30% increase since Trump’s election on November 5 and a 3% gain for the day.
Once a crypto skeptic, Trump has pledged to create a supportive regulatory environment, build a national Bitcoin reserve, and position the U.S. as a global leader in the industry. His shift in attitude came as digital asset firms invested heavily in promoting their interests during the election season.
While this optimism has pushed the crypto market to new highs, there are questions about Trump’s policy priorities. With key issues like U.S.-China relations and economic challenges on the table, it remains to be seen whether crypto regulations will be a top focus.
Analysts like Tony Sycamore of IG Australia Pty are cautiously optimistic, though he notes that the recent surge may have already factored in much of the good news. Bitcoin briefly surpassed $90,000 on platforms such as Coinbase, and bullish options indicate a potential target of $100,000. Meanwhile, U.S. Bitcoin ETFs saw over $1 billion in inflows earlier in the week.
