BITCOIN HITS $90,000 FOR FIRST TIME AS TRUMP BACKS CRYPTO

November 13, 2024November 13, 2024

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The largest cryptocurrency in the world, Bitcoin, surged beyond $90,000 on Wednesday after President-elect Donald Trump promised to loosen regulations on digital assets.

Prior to settling at $90,670, Bitcoin soared to a peak of $91,000.

Since Trump’s triumph in the US presidential election last week, the erratic asset has surged and established numerous new milestones.

Trump had pledged during his campaign to make the United States the “Bitcoin and cryptocurrency capital of the world.”

Corporate tax cuts during his prior administration increased market liquidity and enticed cryptocurrency investment.

Trump declared in September that he and his sons would start World Liberty Financial, a digital currency platform, in collaboration with businesspeople. However, only a small portion of tokens were sold during its underwhelming sales launch earlier this month.

Due to its high volatility and the demise of significant market participants, such as the FTX exchange, cryptocurrencies have gained international attention.

Trump reportedly used Bitcoin to purchase hamburgers at a New York restaurant in the run-up to the election, making history in what was called a “historic transaction.”