Bitcoin, the largest and most adopted cryptocurrency has surged to a record high of $89,385.84 early Tuesday, boosted by news of U.S. President-elect Donald Trump’s election victory and expectations for his pro-crypto administration.
Trump’s win in Arizona, completing a sweep of the seven key battleground states, has fueled optimism among cryptocurrency investors. The market responded positively to Trump’s crypto-friendly stance, with Bitcoin rising 6.1% on Sunday and continuing to climb, reaching $83,300 before hitting a new peak just after midnight on Tuesday.
The rally extended to other cryptocurrencies, including Dogecoin, which has gained popularity through support from Elon Musk, an outspoken Trump supporter.
“With the dust from Trump’s victory still settling, it was only a matter of time before a rally occurred, given Trump’s perceived crypto-friendliness,” said Le Shi, managing director at Hong Kong-based market-making firm Auros.
Trump’s campaign promises to prioritize the U.S. digital asset sector—including potential Bitcoin stockpiling and regulatory reforms—have further fueled investor optimism. Cryptocurrency advocates reportedly contributed over $100 million to support candidates with pro-crypto platforms, seeking progress on regulatory issues.
Broader financial markets also reacted positively to Trump’s agenda, which includes tax cuts, reduced regulations, and growth-driven economic reforms. The S&P 500 recently marked its 50th record high of the year, reflecting continued optimism as Trump’s transition team begins its work.
