Bitcoin rally cools after more than 30% jump since Trump victory
Bitcoin has paused as traders assess the remaining market impact of President-elect Donald Trump’s rhetorical support for crypto.
The digital asset is up about 32% in the wake of Trump’s Nov. 5 election victory, hitting a record of $89,968 on Tuesday, based on data compiled by Bloomberg. It changed hands at $88,500 as of 9:13 a.m. Wednesday in Singapore.
Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto skeptic, Trump reversed course after digital-asset companies spent heavily during election campaigning to promote their interests.
His stance spread optimism across crypto, lifting the value of the market to an all-time peak. But thorny questions remain about whether Trump and his Republican lawmakers will be focused first on larger matters like China policy and the US economy, pushing digital-asset legislation down the pecking order.
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