Record-breaking bitcoin rally nears $90,000 on Trump boost
Donald Trump as U.S. president on expectations his administration will be crypto friendly.
The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $89,637 in Asia — a gain of more than 25% since Nov. 5.
It is surging along with Elon Musk's automaker Tesla, which is up nearly 40% since voting results rolled in as investors figure Trump's friends and interests will do well while he is in office.
«Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves,» said Nick Twidale, chief market analyst at ATFX Global in Sydney.
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View Details» «The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above.»
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