Bitcoin Surges To Above $93,000 For First Time

The price of Bitcoin continues to rise since the election victory of Donald Trump, and has now reached a record high.

The price of Bitcoin climbed above $93,000 (£73,144), but as of Wednesday afternoon was down slightly and trading at $92,191 (£72,508).

It was only on Monday that Bitcoin had risen above $84,000 (£65,263) as cryptocurrency investors bet that Donald Trump would institute crypto-friendly policies after taking office in January 2025.

Record price

It should be remembered that Bitcoin was trading at $37,000 a year ago, but had reached a then record high of $63,000 back in April 2021.

This latest surge comes after Trump changed his mind of cryptocurrencies, after he previously criticised them.

During his election campaign, Trump surprised many when he spoke more positively about cryptocurrencies, including a speech in July in which he suggested creating a “strategic national Bitcoin stockpile”.

He promised to make the US “the crypto capital of the planet”, without specifying any policies.

SEC change

President-elect Trump also promised to fire Gary Gensler, the head of the Securities and Exchange Commission (SEC), who has previously been criticised by the head of Coinbase as well as Binance.

This was because since his appointment by Joe Biden in 2021, Gensler has led a drive to more closely regulate crypto firms under existing securities regulations.

The SEC’s drive has seen a crackdown on companies such as Coinbase and Binance, whose chief executive served four months in prison this summer for the company’s failure to enforce money-laundering regulations.