Tue Nov 12 08:25:02 UTC 2024: ## Bitcoin Soars to $89,599 on Trump’s Pro-Crypto Stance

**New Delhi, India:** Bitcoin surged to a new all-time high of $89,599 early Tuesday, fueled by investor optimism over President-elect Donald Trump’s pro-crypto policies. The cryptocurrency has seen a 32% jump since the US election on November 5, with analysts expecting it to hit $100,000 by year-end.

Trump’s commitment to positioning the US as a global crypto leader, establishing a strategic Bitcoin reserve, and incentivising domestic mining has sparked widespread enthusiasm across the crypto sector. Analysts predict a “crypto-friendly regulatory environment” under the Trump administration, potentially pushing Bitcoin prices to six figures by the end of 2024.

The rally has also boosted the overall crypto market value to a record high of $3.1 trillion. While the market is seeing robust institutional participation, with MicroStrategy recently acquiring 27,200 Bitcoin, some analysts advise caution due to the rapid pace of gains.

“It would be natural to see a period of digestion after such a steep run-up,” noted Bloomberg, recommending a “short-term neutral bias.”

Despite this, Bitcoin’s bullish momentum is seen as part of a broader “Trump trade,” which includes gains in US stocks and the dollar amid Trump’s focus on economic growth and domestic investments.

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