Bitcoin approaches $90,000 as election results boost investor optimism

Bitcoin is nearing $90,000, trading at $87,079, following a significant rally during election week. The cryptocurrency has more than doubled from its low of $38,505 earlier this year, driven by optimism around Donald Trump's potential presidency and favorable election results for Republicans. The surge began in September after the Federal Reserve cut interest rates, increasing demand for riskier assets like Bitcoin. The recent election results further boosted Bitcoin's value, with prices rising over 25% since November 5, reaching a peak of $89,637. Investors expect a shift in regulatory scrutiny with Trump's return, as he has promised to support the cryptocurrency industry. This has led to plans for new cryptocurrency products and legislative efforts in the upcoming Congress.