• Bitcoin is nearing $90,000, a surge attributed to Trump's election and his crypto-friendly stance.
• Other cryptocurrencies and related stocks, like Tesla and Riot Platforms, have also seen significant increases.
• Trump's promise to make the U.S.
• the "crypto capital of the planet" has sparked a speculative surge in crypto mining and trading stocks.
• The crypto market anticipates an end to increased scrutiny under the U.S. Securities and Exchange Commission, further fueling the optimism.

The world's largest cryptocurrency, Bitcoin, is on the brink of reaching an unprecedented $90,000. This surge is largely attributed to the election of Donald Trump as the U.S. President, with expectations that his administration will be crypto-friendly. The cryptocurrency has seen a remarkable increase of over 25% since November 5, touching $89,637 in Asia, making it one of the most notable movers in the week following the election.

This surge is not isolated to Bitcoin alone. Elon Musk's Tesla, which has seen a nearly 40% increase since the election results were announced, is also riding the wave. Investors are speculating that businesses and interests associated with Trump will flourish during his tenure.

Nick Twidale, the chief market analyst at ATFX Global in Sydney, stated, Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves.

Trump's Crypto-Friendly Stance Fuels Market

During his campaign, Trump had embraced digital assets, promising to make the United States the crypto capital of the planet and to accumulate a national stockpile of Bitcoin. This promise has driven a speculative surge in crypto mining and trading stocks.

Matthew Dibb, the chief investment officer at cryptocurrency asset manager Astronaut Capital, believes that this increases the chances of other nations buying Bitcoin in a bid to front run the U.S. He also sees it as a potential catalyst for U.S. listed Bitcoin miners, given the possibilities of such entities getting nationalized.

This euphoria has extended to crypto miners like Riot Platforms, which jumped nearly 17% on Wall Street overnight and rose further in after-hours trade. Fellow miners MARA Holdings and CleanSpark also saw a nearly 30% leap.

Crypto Market Responds to Trump's Election

MicroStrategy, a software company and investor in Bitcoin, announced that it had spent about $2 billion buying Bitcoin between October 31 and November 10. This announcement led to a 26% rise in shares, which continued to gain in after-hours trade.

The excitement is not limited to Bitcoin and large companies. Smaller tokens such as ether and even the one-time joke currency dogecoin have also seen a surge.

The crypto investors are also anticipating an end to the increased scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler, whom Trump has said he will replace. In September, Trump unveiled a new crypto business, World Liberty Financial.

Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock, said, What we're seeing isn't just a price milestone; it's a signal that the market is warming to the idea of Bitcoin as a more stable, even politically favored, asset.