Bitcoin hits record high of over $87,000 following Trump election victory

Bitcoin reached a new all-time high of over $87,000 on Monday, driven by expectations of a favorable regulatory environment following Donald Trump's election as U.S. president. The cryptocurrency has more than doubled since its low of $38,505 earlier this year. U.S.-listed cryptocurrency stocks also saw significant gains, with Coinbase up 22% and MicroStrategy rising nearly 24%. Investors anticipate reduced scrutiny from regulators, as Trump has indicated plans to replace current SEC Chair Gary Gensler. The election results have led to increased investments in cryptocurrency exchange-traded funds, with record inflows of $1.38 billion reported. Other cryptocurrencies, including Ether and Dogecoin, also experienced notable price increases.