A surge in Bitcoin that paused earlier Wednesday is regaining steam, sending the original cryptocurrency above $90,000 for the first time, as traders assess the remaining market impact of President-elect Donald Trump’s rhetorical support for crypto.
The digital asset is up more than 30% in the wake of Trump’s Nov. 5 election victory, reaching a record of $91,085 at 9:33 a.m. in New York with a more-than 3% gain for the day.
Crypto stocks gained in morning trading. Bitcoin Depot rose 20%; Canaan rose 16%; MicroStrategy rose 6%; Coinbase rose 2.4%.
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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