Trump’s current stance on crypto is a major departure from his last term as president. In the summer of 2019, Trump criticized cryptocurrency on social media, claiming it could be used to facilitate illegal activities. And during his presidency, the Trump administration’s regulatory actions included the SEC’s controversial lawsuit against Ripple.

Bitcoin’s rally took the digital asset close to $90,000 for the first time and lifted the overall value of the crypto market above its pandemic-era peak as traders bet on a boom under Donald Trump.

Global stocks came under pressure on Tuesday from investor concern about U.S. President-elect Donald Trump's policies, while bitcoin neared a record $90,000 as traders piled into assets they believe could benefit from the new administration.