Bitcoin surges to a different file amid Trump bump buying and selling frenzy

Bitcoin surged close to $90,000 yesterday as it hit record highs in the wake of Donald Trump’s US election victory.

The world’s biggest cryptocurrency climbed to as high as $89,982 before sliding lower.

Bitcoin has advanced from below $70,000 on the day of the election. Trump has vowed to make the US ‘the crypto capital of the planet’.

Bitcoin boom: The world’s biggest cryptocurrency climbed to as high as $89,982 before sliding lower 

Cryptocurrency – which has no intrinsic value – is notoriously volatile. It has risen from around $35,000 a year ago and two years ago languished at as low as $15,000.

Scandals such as the collapse of crypto exchange FTX damaged valuations but those who held on will have made big gains. 

And so called FOMO – or ‘fear or missing out’ – has helped fuel the rally. Russ Mould, investment director at AJ Bell, said: ‘Bitcoin has had the time of its life since Donald Trump won the US election.

‘Investors and traders have piled into the cryptocurrency in the belief the president-elect will loosen regulations. This can’t go on forever, but it feels like a purple patch for now.’