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Bitcoin rallied to the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald Trump as U.S. president on expectations his administration will be crypto friendly.

Bitcoin notched another record high, climbing above $93,000 for the first time, with traders exuberant over President-elect Donald Trump’s rhetorical support for crypto.

The outcome of the U.S. presidential election was widely seen as a win for the crypto industry. Bitcoin’s price has surged since the election.

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.

This is Frances Yue, crypto reporter at MarketWatch. Crypto investors have been cheerful this week, as bitcoin has kept refreshing all-time highs and market participants are hopeful that the digital-asset sector will benefit from a more friendly regulatory environment after President-elect Donald Trump takes office.