Bitcoin breaks US$89,000 for the first time on Trump crypto boom
The largest token has jumped about 30 per cent since the US election, as traders weigh whether there is still room to chase
The largest token has jumped about 30 per cent since the US election on November 5 and hit an all-time high of US$89,599 early on Tuesday. The climb then moderated, leaving the cryptocurrency at US$87,800 as of 8.27am in Hong Kong.
Trump has vowed friendlier crypto rules and his Republican Party is tightening its grip on Congress to push through his agenda. Other pledges include setting up a strategic US bitcoin stockpile and boosting domestic mining of the token.
His stance is a sharp break from a crackdown on the divisive industry by the Securities & Exchange Commission under President Joe Biden’s administration. The shift has energised speculative buying of large and small tokens alike, raising the value of digital assets to about US$3.1 trillion, CoinGecko data show.
Bitcoin is in “beast mode,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “The question for traders not already set is whether there is still room to chase this red-hot play or wait for a slight retracement and for some of the heat to come out of the impulsive trend.”
