Bitcoin Nears $90,000 After Trump’s Election Victory

Nov 12 (Reuters) – Bitcoin is getting closer to hitting $90,000, following a big jump since Donald Trump was re-elected as U.S. president. Many investors believe his administration will be good for cryptocurrencies.

Bitcoin recently reached $89,982, a 30% increase since November 5. It later dropped slightly to $86,730, but the overall trend is up.

Along with Bitcoin, stocks like Tesla (TSLA.O) have also surged, with a nearly 40% rise since the election. Investors are betting that businesses linked to Trump’s interests will do well during his second term.

Why is Bitcoin Rising?

The rise in Bitcoin’s price is due to hopes that Trump’s policies will support cryptocurrencies, including lower taxes and less regulation. Many see Bitcoin as a safe investment in uncertain times, and its price surge reflects growing confidence in the digital currency.