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Bitcoin rose close to $90,000 yesterday, reaching record levels following Donald Trump’s election victory in the United States.
The world’s largest cryptocurrency rose as high as $89,982 before falling.
Bitcoin has advanced from below $70,000 on Election Day. Trump has promised to make the United States “the crypto capital of the planet.”
Bitcoin boom: World’s largest cryptocurrency rose as high as $89,982 before falling
Cryptocurrencies, which have no intrinsic value, are notoriously volatile. It has risen from around $35,000 a year ago and was languishing at just $15,000 two years ago.
Scandals like the collapse of cryptocurrency exchange FTX damaged valuations, but those who held out will have made big gains.
And so-called FOMO – or “fear or loss” – has helped fuel the rally. Russ Mold, chief investment officer at AJ Bell, said: ‘Bitcoin has had the best time of its life since Donald Trump won the US election.
‘Investors and traders have flocked to cryptocurrency in the belief that the president-elect will relax regulations. “This can’t last forever, but for now it feels like a purple spot.”
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