Bitcoin on the Brink: Trump's Favor Sparks Crypto Surge

Bitcoin surged close to $90,000 following Donald Trump's presidency, owing to expectations of a crypto-friendly administration. The announcement has led to significant speculative interest and price increases in crypto assets, as well as in associated businesses like Tesla and crypto miners.

Bitcoin was on the brink of reaching $90,000 on Tuesday, buoyed by a wave of optimism since the election of Donald Trump as U.S. president, amid expectations of a favorable outlook for cryptocurrencies.

The leading cryptocurrency has made notable gains, hitting $89,637 in Asia, a rise of over 25% since November 5. The surge aligns with a similar spike in Elon Musk's automaker Tesla, which increased nearly 40% as investors anticipate favorable policies for crypto under Trump's tenure.

Trump's campaign promises to enhance the U.S. as a 'crypto capital' have fueled speculative trading, with major gains observed across the crypto market, including smaller tokens like ether and dogecoin. Investors are gearing up for possible regulatory changes and market dynamics under Trump's presidency.

(With inputs from agencies.)