A surge in Bitcoin has paused as traders assess the remaining market impact of President-elect Donald Trump’s rhetorical support for crypto.
The digital asset is up about 30% in the wake of Trump’s Nov. 5 election victory, hitting a record of $89,968 on Tuesday, based on data compiled by Bloomberg. The token fell back to $86,550 as of 6:30 a.m. Wednesday in London.
Crypto stocks gained in premarket trading. Marathon Digital fell 10%; CleanSpark fell 6%; Riot Platforms fell 5%; Coinbase, MicroStrategy fell 4%; Bit Digital fell 3%.
Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto skeptic, Trump reversed course after digital-asset companies spent heavily during election campaigning to promote their interests.
His stance spread optimism across crypto, lifting the value of the market to an all-time peak. But thorny questions remain about whether Trump and his Republican lawmakers will be focused first on larger matters like China policy and the US economy, pushing digital-asset legislation down the pecking order.
“While we wouldn’t rule out further gains, a heck of a lot of good news is now priced in,” IG Australia Pty Market Analyst Tony Sycamore wrote in a note.
