Thursday, November 14, 2024 - Bitcoin surged to a record high above $90,000 on Wednesday, November 13, driven by optimism surrounding president-elect Donald Trump's pledge to ease regulations on digital tokens. The world’s largest cryptocurrency briefly touched an all-time peak of $91,000 before stabilizing at $90,670.
The cryptocurrency has seen a remarkable rally since Trump’s
victory in the U.S. presidential election last week, repeatedly breaking its
previous record highs. During his campaign, Trump stated his intention to make
the United States the “bitcoin and cryptocurrency capital of the world,”
sparking investor enthusiasm.
The rally is reminiscent of the boom in the cryptocurrency
market during Trump’s first term, when corporate tax cuts increased liquidity
in markets, fueling investment in digital assets like Bitcoin. Trump's policies
and his pro-crypto stance have reinvigorated the market, which has experienced
volatile swings in recent years.
In addition to his political promises, Trump’s personal
involvement in the cryptocurrency space also gained attention. In September, he
announced plans to launch a digital currency platform, World Liberty Financial,
alongside his sons and other entrepreneurs. However, the platform's sales
launch earlier this month was met with lukewarm reception, with only a small
fraction of its tokens being sold.
Cryptocurrencies have continued to make headlines for their
extreme volatility and regulatory challenges, as evidenced by the collapse of
major industry players like the FTX exchange platform. Despite these setbacks,
Bitcoin’s recent surge shows the growing influence of Trump's crypto-friendly
rhetoric.
In the weeks leading up to the election, Trump even
reportedly became the first former U.S. president to make a purchase with
Bitcoin, buying burgers at a New York City restaurant, which touted the
transaction as a "historic" moment for the cryptocurrency space.
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