Bitcoin rally slows after 32% surge following Trump's election victory

Bitcoin's recent rally has paused after a 32% increase following Donald Trump's election victory. It reached a record high of $89,968 but was trading at $88,500 as of Wednesday morning in Singapore. Investors are now considering the potential impact of Trump's promised crypto-friendly policies. Despite the surge, uncertainty remains about the prioritization of digital asset legislation amid other pressing issues like China policy and the economy. Trump's shift from skepticism to support for crypto has boosted market optimism, but questions linger about legislative focus. Dogecoin has also seen significant gains, doubling in price after Trump announced a new department co-headed by Elon Musk. The cryptocurrency market is now closely watching upcoming U.S. inflation data, which could influence interest rates and investment strategies.