Bitcoin prices soar to record high following Trump's election victory

Bitcoin prices surged by 10% on election night after Donald Trump won the presidential election, reaching a record $89,000 on November 11. The cryptocurrency market has seen a significant recovery, with the total value hitting $3 trillion, rebounding from previous declines. Trump's victory is seen as a boost for the crypto industry, which hopes for friendlier regulations. He has publicly supported cryptocurrencies and criticized current SEC chairman Gary Gensler, who has been tough on the industry. The SEC and CFTC have had conflicting views on crypto regulation, creating uncertainty. A potential Trump administration could lead to clearer and more favorable rules for digital assets, although his past skepticism about bitcoin raises questions about the future.