Bitcoin Nears $90,000 as Investors Eye Crypto-Friendly Trump Administration
Bitcoin soared to a new all-time high of $89,600, edging closer to the significant $90,000 mark, driven by speculation over potential pro-crypto regulatory shifts in the United States. The cryptocurrency experienced a 9% jump in the last 24 hours, buoyed by optimism following Donald Trump’s presidential election victory and expectations of a crypto-friendly administration.
Reports suggest that Trump is considering appointing pro-crypto advocates, including Mark Uyeda and Paul Atkins, as replacements for current SEC Chairman Gary Gensler, which could lead to reduced regulatory scrutiny on the industry.
“Bitcoin hit $89,600 – a key resistance level – before stabilizing around $88,300. The 9% daily rally came after news that Trump is considering pro-crypto candidates to replace SEC Chairman Gary Gensler,” said Edul Patel, CEO of Mudrex. “The surge also boosted trading in BlackRock’s spot Bitcoin ETF, which saw a record $4.5 billion in volume. Other major coins, including Ethereum and Solana, joined the rally, pushing the total crypto market cap to $3.1 trillion.”
Since the election, Bitcoin has been a standout performer, reaching $89,604 and achieving nearly a 30% gain since November 5. Trump has expressed his commitment to supporting digital assets, vowing to position the U.S. as the “crypto capital of the planet” and build a national Bitcoin reserve.
