November 12, 2024 – 3:30 AM PST
SINGAPORE/LONDON (Reuters) – Bitcoin rallied to the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald Trump as U.S. president on expectations his administration will be crypto friendly.
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The world’s biggest cryptocurrency BTC= has become one of the most eye-catching movers in the week since the election and touched $89,982 – a gain of around 30% since Nov. 5. It was last down 1.4% at $86,730.
Bitcoin is surging along with Elon Musk’s automaker Tesla (TSLA.O), 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,” said Alvin Tan, head of Asia FX strategy at RBC Capital…
