Bitcoin Surpasses $100,000 After Trump's Election Win

On Tuesday, Bitcoin neared the $90,000 mark, fueled by positive sentiment after Donald Trump was elected as the U.S. president. There are rising hopes that his administration will take a friendlier approach towards cryptocurrencies.

This surge has made Bitcoin one of the standout performers since the election, reaching a price of $89,637 in Asia. This represents an increase of over 25% from November 5.

Bitcoin's price increase resembles the rise of Tesla, Elon Musk's electric vehicle company, which has seen nearly a 40% jump since the election results were announced, as investors anticipate that Trump's administration will benefit his allies and support their interests.

Nick Twidale, chief market analyst at ATFX Global in Sydney, noted, "This rally is clearly driven by Trump’s election, as his support for the cryptocurrency industry is expected to boost demand not only for Bitcoin but also for crypto-related stocks." He added, "Bitcoin was already approaching its all-time highs when the election results were revealed, which opened a path for further increases."

Throughout his campaign, Trump has expressed strong support for digital assets and has pledged to position the U.S. as the "crypto capital of the planet," even suggesting the creation of a national bitcoin reserve.

While precise details and timelines are still vague, this vision has sparked interest in crypto mining and related trading stocks, creating a speculative excitement in the marketplace.

Matthew Dibb, chief investment officer of cryptocurrency asset manager Astronaut Capital, commented, "Trump’s election could encourage other nations to start purchasing Bitcoin in anticipation of similar moves by the U.S. This could significantly benefit U.S. Bitcoin miners, particularly if nationalization becomes a possibility."

Shares of cryptocurrency miner Riot Platforms surged nearly 17% on Wall Street after the election results, and they continued to rise in after-hours trading. Other mining companies, such as MARA Holdings and CleanSpark, experienced gains of close to 30% as well.

MicroStrategy, a notable investor in Bitcoin, announced that it had invested roughly $2 billion in Bitcoin between October 31 and November 10, leading to a 26% increase in its shares, which also continued to grow in after-hours trading.

The enthusiasm for Bitcoin extended to smaller cryptocurrencies like ether and even dogecoin, previously considered a joke currency, both of which saw significant price jumps.

Investors are also encouraged by the prospects of reduced regulatory scrutiny under the future leadership of the U.S. Securities and Exchange Commission. Trump has indicated that he intends to replace the current SEC Chair, Gary Gensler. In September, he launched a new crypto venture, World Liberty Financial.

Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock, stated, "What we observe is not merely a price milestone but rather a sign that the market is warming up to Bitcoin as a more stable and politically favored asset."

Bitcoin, Trump, Cryptocurrency, Mining, Market