Bitcoin soars past $90,000 to new all-time high after Donald Trump promises to ease crypto regulations

Cryptocurrency Bitcoin crossed the $90,000-mark on Wednesday, November 13 after Republican candidate and US President-elect Donald Trump pledged to ease regulation around the digital tokens, reported the news agency AFP. 

Bitcoin rallied to an all-time high above $91,000 before easing to $90,670 on Wednesday. The volatile digital asset has gained a lot since Trump won last week's US presidential election, beating its previous record highs multiple times.

Trump, in his election campaign, said that he plans to make the United States the “bitcoin and cryptocurrency capital of the world,” according to the agency report. 

The Trump administration's previous tenure witnessed corporate tax cuts that brought more liquidity into the market, encouraging investment in cryptocurrencies.

Trump also announced in September that he, along with his sons and entrepreneurs, will launch a digital currency platform named World Liberty Financial. But it had a faltering sales launch earlier this month with a fraction of tokens that went on the market finding a buyer, as per the agency report.

Cryptocurrencies have been in the headlines since their creation, with regards to extreme volatility to the collapse of several industry giants, amongst them on top of the FTX exchange platform case. 

On the road to elections, Trump allegedly became the first former president to use Bitcoin in a purchase. He bought burgers at a New York City restaurant which hailed as a “historic transaction,” as per the report.

“The new political landscape may bring clearer regulations for crypto assets and could prompt strategic developments, such as a national bitcoin reserve and growth in the mining sector,” Carl Szantyr, managing partner of digital asset hedge fund Blockstone Capital, told the news agency Reuters on Wednesday.

Key areas to monitor include potential regulatory changes, increased institutional participation, and a rise in M&A activity, said Szantyr, reported the news agency.