Bitcoin's recent surge, which saw a remarkable 32% increase since Donald Trump's election victory on November 5, has now paused.
According to Bloomberg data, the digital asset reached an all-time high of $89,968 on Tuesday. As of 9:13 a.m. Wednesday in Singapore, Bitcoin was trading at $88,500.
Traders are currently assessing the potential impact of the new administration on the digital asset landscape, as reflected in the market's reaction to Trump's vocal support for cryptocurrencies.