Bitcoin surpasses $89,000 following Donald Trump's election victory

Bitcoin has surged past $89,000, reaching an all-time high of $89,599, following Donald Trump's election win. This marks a significant increase of about 30% since the election on November 5, lifting the total crypto market value above pre-pandemic levels. Trump has promised friendlier regulations for cryptocurrencies and plans for a U.S. Bitcoin stockpile, contrasting with the previous administration's stricter policies. His Republican Party's strengthened position in Congress may facilitate these changes, encouraging speculative buying in the crypto market. In 2024, Bitcoin's value has more than doubled, driven by demand for U.S. exchange-traded funds and interest rate cuts. Traders are optimistic, with some betting Bitcoin could reach $100,000 by year-end, despite concerns about the sustainability of its rapid rise.