Bitcoin Breaks $88,000 Amid Trump’s Pro-Crypto Momentum

Bitcoin surged beyond $88,000, buoyed by President-elect Trump’s backing of digital assets and potential crypto-friendly policies from the incoming Congress. Currently trading around $88,700, Bitcoin’s record-setting rally comes amid growing optimism that Trump’s economic agenda—deregulation, tax cuts, and trade reforms—could boost the U.S. market and benefit the cryptocurrency industry.

Analyst Perspective: Caution Amid Optimism
Despite Bitcoin's strong rise, Bloomberg’s Mike McGlone expressed some caution. Speaking with analyst Scott Melker, McGlone noted that Bitcoin’s recent rally is tightly correlated with the stock market’s highs, making it one of the “fastest horses in the race” but not quite the safe-haven asset some had hoped for. The cryptocurrency has yet to prove its resilience during downturns in traditional equities, leading some investors to question its role as a hedge.

McGlone also highlighted that the current rush into Bitcoin might reflect a hunt for the “last big trade,” fueled by investor anticipation around Trump’s economic promises. While there is optimism, concerns persist regarding whether Trump will fully deliver on his campaign commitments. For now, however, Bitcoin is riding the wave of favorable sentiment, with market watchers eyeing further gains as Trump’s administration unfolds.