Bitcoin breaks US$89,000 for the first time on Trump crypto boom

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Bitcoin breaks US$89,000 for the first time on Trump crypto boom - SCMP

Quick Summary:

The largest token has jumped about 30 per cent since the US election, as traders weigh whether there is still room to chase.

Bitcoin is in “beast mode,” Chris Weston, head of research at Pepperstone Group, wrote in a note.“The question for traders not already set is whether there is still room to chase this red-hot play or wait for a slight retracement and for some of the heat to come out of the impulsive trend.

The climb then moderated, leaving the cryptocurrency at US$87,800 as of 8.27am in Hong Kong.