Bitcoin rallied to close to $90,000 on Tuesday amid anticipation of a crypto-friendly US administration following Donald Trump’s win last week in the presidential election.
The world’s biggest cryptocurrency has soared and touched $89,982 on Tuesday – a gain of around 30% since November 5. It was last down 2.92% at $85,984.
Bitcoin is surging along with Elon Musk’s automaker Tesla, which is up nearly 40% since voting results rolled in, as investors figure Trump’s friends and interests will do well while he is in office.
“The crypto enthusiasts think they have a like-minded incoming president,’ Alvin Tan, head of Asia FX strategy at RBC Capital Markets said, adding: “The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it’s hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes.”
Read the full report: Reuters.
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