Bitcoin Surpasses $100,000 After Trump Wins US Election

On Tuesday, Bitcoin approached the $90,000 mark, with many investors feeling optimistic after Donald Trump was elected president of the United States. This surge in Bitcoin's price is largely due to the belief that Trump's administration will be more favorable towards cryptocurrencies.

The largest cryptocurrency has demonstrated impressive growth since the election, achieving a price of $89,637 in Asia, marking an increase of more than 25% since November 5.

Bitcoin's price increase parallels the performance of Tesla, which has risen by nearly 40% since the election results were announced. Investors are hopeful that Trump’s administration and its affiliates will create a more supportive environment for both cryptocurrency and crypto-related stocks.

Nick Twidale, the chief market analyst at ATFX Global in Sydney, stated, "This is clearly a Trump-driven rally, as he’s very supportive of the industry, which will likely increase demand for both crypto-related stocks and the cryptocurrencies themselves." He added that Bitcoin was approaching its all-time high when the election results came out, providing a clear path for further increases.

During his campaign, Trump expressed strong support for digital assets, vowing to establish the U.S. as the "crypto capital of the planet" and even suggesting the idea of a national bitcoin reserve. Though the exact details of these plans are not yet clear, the excitement around them has led to increased speculation and activity in the crypto mining and trading sectors.

Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, commented, "I think Trump’s win raises the possibility that other countries may start buying bitcoin in anticipation of the U.S. doing so. This could also greatly benefit U.S.-listed Bitcoin miners, especially if nationalization becomes a possibility."

In response to these market movements, shares of crypto mining company Riot Platforms surged nearly 17% on Wall Street and continued to increase in after-hours trading. Other mining companies such as MARA Holdings and CleanSpark enjoyed gains of almost 30%.

Software firm MicroStrategy, known for its significant investment in Bitcoin, reported spending around $2 billion on Bitcoin between October 31 and November 10, causing its shares to rise by 26% with further increases in after-hours trading.

Bitcoin's rally has not only lifted its value but has also positively impacted smaller cryptocurrencies like ether and even dogecoin, which have both seen substantial price increases.

Moreover, investors are hopeful for a reduction of regulatory pressure under the upcoming leadership of the U.S. Securities and Exchange Commission, as Trump has indicated his intention to replace current chair Gary Gensler. Additionally, in September, Trump launched a new crypto business named World Liberty Financial.

Justin D'Anethan, head of Asia-Pacific business development at a digital assets market maker, remarked, "What we’re witnessing isn’t just a milestone in price, but a signal that the market is warming up to Bitcoin as a more stable and politically favored asset."

Bitcoin, Trump, Crypto, Tesla, Investors