Trump's victory brightens the outlook for cryptocurrencies Bitcoin hits new highs

U.S. President-elect Donald Trump's embrace of digital assets and the prospect that Congress will support cryptocurrencies have pushed Bitcoin to continue its strong rally, climbing above $87,000 for the first time.

Bloomberg reports that Trump's decisive victory in the presidential election, which swept seven battleground states, has triggered an orgy of digital assets. The digital asset industry has spent more than $100 million to support pro-cryptocurrency candidates.

Bitcoin, the largest token, rose 9.4 percent to an unprecedented $87,427 in New York, the biggest increase since the price rose nearly 10 percent the day after the U.S. presidential election. The bullish sentiment has also boosted smaller tokens, including Dogecoin, a favorite of Trump supporter and billionaire Elon Musk.

Shares of cryptocurrency-related companies also rose sharply. Bitcoin agent MicroStrategy and U.S. cryptocurrency exchange Coinbase rose about 25 percent each. Cryptocurrency miners MARA Holdings and Riot Platforms rose 32 percent and 24 percent, respectively.

Le Shi, managing director of market maker Auros in Hong Kong, said: "When the dust started to settle on Trump's victory, it was only a matter of time before there was some sort of violent reaction as he was seen as pro-cryptocurrency, and that's exactly what we're seeing now."

Shares of cryptocurrency-related companies have also risen. MicroStrategy and U.S. cryptocurrency exchange Coinbase both surged about 17 percent. Crypto mining stocks MARA Holdings and Riot Platforms surged 22% and 18%, respectively.

Bitcoin options traders are already looking at $100,000, and data from the cryptocurrency options exchange Deribit shows investors are betting that bitcoin will surpass the milestone as early as the end of this year.