Bitcoin hit a new record high late Monday, its value peaking at $89,623 as investors quickly moved to cash in on expectations that Donald Trump will e

Bitcoin hits record high as Trump vows to end crypto crackdown

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2024-11-13 01:00:05

Bitcoin hit a new record high late Monday, its value peaking at $89,623 as investors quickly moved to cash in on expectations that Donald Trump will end a White House crackdown that intensified last year on crypto.

While the trading rally has now paused, analysts predict that bitcoin's value will only continue rising following Trump's win—perhaps even reaching $100,000 by the end of 2024, CNBC reported.

Bitcoin wasn't the only winner emerging from the post-election crypto trading. Crypto exchanges like Coinbase also experienced surges in the market, and one of the biggest winners, CNBC reported, was dogecoin, a cryptocurrency linked to Elon Musk, who campaigned for Trump and may join his administration. Dogecoin's value is up 135 percent since Trump's win.

On the campaign trail, Trump began wooing the cryptocurrency industry, seeking donations and votes by promising to make the US the "crypto capital of the planet," Fortune reported. He announced the launch of his own crypto platform, World Liberty Financial (WLFI), and vowed to "fire" Gary Gensler—the Securities and Commission Exchange (SEC) chair leading the US crypto crackdown—on "day one" in office, Al Jazeera reported.

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