The value of Bitcoin has risen by about 30% since November 5. As speculators placed bets on favorable cryptocurrency policies under Donald Trump’s presidency, Bitcoin broke the $90,000 mark on Wednesday.
The value of Bitcoin has risen. Bitcoin has increased by more than 30% after the US election on November 5; it briefly hit $93,480 before settling at about $88,000. As of this writing, its current value is $90,282.
A recent Reuters report on the spike in the price of Bitcoin claims that investors are hopeful about Trump’s possible support for digital assets.
According to Reuters, Trump has pledged to establish the US as a leader in cryptocurrencies globally and has even hinted that Bitcoin might be included in the nation’s financial reserves. In addition, Trump and his family recently started a cryptocurrency company, which has fueled rumors that regulations governing Bitcoin and other digital assets may be loosened.
Gains have also been recorded in other cryptocurrencies. According to Reuters, Dogecoin, which is backed by Trump supporter Elon Musk, has increased by more than 150%, while Ethereum is up 37%.
However, other analysts warn that volatility may result from Bitcoin’s quick rise. Although there is a lot of optimism right now, analysts caution that if policies don’t work out as planned, prices may fall.
The value of Bitcoin has risen
