Bitcoin breaks the $89,000 level for the first time…

Today, Tuesday, the most prominent virtual currency, “Bitcoin,” succeeded in breaking the level of $89,000 for the first time, driven by the expected legislation of the new US President, Donald Trump, in favor of cryptocurrency.

In early trading, Bitcoin jumped above $89,000, amid expectations that it will touch $90,000 later this week, benefiting from Trump’s victory in the US presidential election.

Data from the Coinbase trading platform showed that bitcoin rose 11 percent in early trading today, hitting a record $89.01 thousand per unit.

Thanks to the rise of Bitcoin, the value of the cryptocurrency market has reached an all-time high of US$3.1 trillion, surpassing the gross domestic product of the African continent.

Bitcoin has jumped nearly 32 percent since the Nov. 5 U.S. election, reaching its highest level to date, according to data from the Coinbase platform.

Show related news

Cryptocurrencies have gained a prominent place in politics, at a time when “Bitcoin” is seen as Trump’s trade, as the Republican president embraced the digital asset during his election campaign.

Trump has cemented his position as a cryptocurrency industry-friendly president, promising to make the United States the cryptocurrency capital of the world and appointing regulators willing to develop digital assets when he returns to the White House.

Trump has promised to establish friendlier regulations for cryptocurrencies, at a time when his Republican Party is tightening its grip on Congress, increasing the chances of advancing his agenda.

Trump’s other pledges include creating a strategic reserve of bitcoin and promoting domestic mining of the currency to make the United States the cryptocurrency capital.