Bitcoin reaches record high following Trump's election victory

Bitcoin reached a record high of over $87,000 following Donald Trump's presidential victory. This surge is attributed to Trump's promise to ease regulations on cryptocurrencies, contrasting with the previous administration's stricter stance. The price of Bitcoin has increased by 98% this year, driven by demand for exchange-traded funds and interest rate cuts. Smaller cryptocurrencies like Dogecoin and Litecoin also saw significant gains, reflecting optimism about a pro-crypto government. Trump's win has positively impacted crypto-related companies, with shares of firms like Microstrategy and Coinbase rising sharply. The shift in political leadership is expected to lead to changes in federal oversight of the cryptocurrency industry.