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Bitcoin on Wednesday evening touched an all-time high of $90,000 after it almost neared the milestone on Tuesday, before paring gains. 

The surge in Bitcoin prices seems to be an aftereffect of the US presidential elections that saw Republican candidate Donald Trump being reelected, after defeating Democrat candidate Kamala Harris. 

During the elections, the cryptocurrency touched an all-time high, rising 7% to $75,060, amid initial exit polls predicting a win for Trump. 

The crypto investor landscape seems to prefer Trump over Harris as the former president is seen to favour minimal regulation for the financial markets, indicating a hands-off approach towards cryptocurrencies. 

Investors are hoping another Trump term would ease regulatory oversight in the industry. Notably, Trump had once voiced skepticism about cryptocurrency but has since then repositioned himself as a pro-crypto candidate and even went onto launch World Liberty Financial, a crypto business. 

“Bitcoin is now expected to reach $90,000, fuelled in part by the optimism surrounding Donald Trump’s re-election. This represents a transformative moment for the crypto and Web3 space. His administration’s support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector,” said Vishal Sacheendran, Head of Regional Markets at Binance, in a statement, as Bitcoin neared the milestone. 

Exchanges have seen heightened activity during the bull market sentiment in the sector.

According to CoinMarketCap, community sentiment aligns with this rise, with nearly 76% of them viewing the momentum as bullish, signalling heightened investor confidence.

“ZebPay has also seen a 55% increase in trading volume over the past 24 hours, driven by Bitcoin’s rise and notable activity in other altcoins,” said Raj Karkara, COO at ZebPay. 

A statement from CoinSwitch’s Markets Desk said, “Bitcoin has hit a major milestone, surpassing $90,000 for the first time following Donald Trump’s election win. The cryptocurrency is now just over 11% away from $100,000 from its current local top, continuing its strong upward momentum.

“In the crypto mining sector, US firms saw impressive gains, with Marathon Digital Holdings rallying nearly 30%, and CleanSpark and Hut 8 each jumping over 25%.”