After the meteoric rise came a pause for the bitcoin’s frenzied rally that, since Trump’s election victory on Nov. 5, has seen its price rise by about 31 percent, hitting a record $89,968 on Tuesday, according to data compiled by Bloomberg.
The reason for this rise is Donald Trump’s commitment to create a crypto friendly regulatory framework, build a strategic Bitcoin stockpile and make the US a global hub for the industry. Trump, who was once among the skeptics against crypto, changed his stance after digital asset companies spent a lot of money during the campaign to advance their interests.
His stance spread optimism throughout the cryptocurrency market, pushing the market value to an all-time high.
But thorny questions remain about whether Trump and his Republican lawmakers will focus first on bigger issues like China policy and the U.S. economy, leaving digital asset legislation for later.
