Crypto Markets Surge as Bitcoin Hits $90K Milestone Amid Regulatory Optimism
The crypto market continues its upward momentum following Donald Trump’s election victory, with investors anticipating a more crypto-friendly government. Bitcoin (BTC), the largest cryptocurrency, reached a historic milestone, briefly touching $90,100 on Coinbase before pulling back slightly.
After an initial retracement to the low-$85,000 range earlier Tuesday, bitcoin rebounded swiftly, surging to its all-time high on Coinbase’s BTC-USD pair. The CoinDesk Bitcoin Index (XBX), which aggregates data across exchanges, peaked at $89,971 during this rally. Despite hitting this landmark, bitcoin encountered resistance at the $90,000 level, with Binance’s BTC-USDT order book data showing significant sell pressure around this price point.
Short-Term Resistance Looms
The $90,000-$100,000 range could act as a formidable barrier for further bitcoin gains. Options market positioning and order book activity suggest caution, with traders potentially capping gains in this zone. Shortly after hitting $90,000, BTC experienced a brief pullback to $88,500 but remains up 0.9% over the past 24 hours, outperforming the CoinDesk 20 Index, which stayed flat.
Altcoin Performance and Market Liquidations
While bitcoin led the charge, other cryptocurrencies showed mixed performance. Ethereum (ETH) and solana (SOL) declined 2%-3%, while ripple (XRP), stellar lumens (XLM), and hedera (HBAR) posted impressive gains of 15%-18%. The heightened volatility triggered $940 million in liquidations of leveraged derivatives positions across the crypto market in the past 24 hours, marking the largest liquidation event since the August 5 sell-off.
Bullish Catalysts Behind the Rally
The rally comes as investors reprice digital assets in light of potential regulatory shifts under a Trump-led administration. Factors such as cooling inflation, robust economic growth, and global monetary easing have further fueled optimism in risk assets.
“Institutions are especially responsive to government signals,” noted Nathan McCauley, CEO of Anchorage Digital. “The expectation of a pro-crypto government in the coming year is driving unprecedented institutional interest in the crypto market.”
This bullish sentiment, coupled with institutional enthusiasm, continues to propel the market, though the $90,000 level could remain a critical test for bitcoin in the near term.
UPDATE (Nov. 12, 21:40 UTC): Included Binance order book insights and CoinDesk Bitcoin Index data. Prices updated.
