The global cryptocurrency market's value has topped $3 trillion as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.

The bank estimates that a reset on crypto in the U.S. will quadruple the market’s value in short order, with Bitcoin spiking to $200,000.

Bitcoin is up roughly 110% in 2024, helped by robust demand for dedicated US ETFs and interest-rate cuts by the Federal Reserve. The token’s rise exceeds the returns from the likes of global stocks and gold. Turnover in BlackRock Inc.’s $39 billion iShares Bitcoin Trust reached an all-time high on Monday.

The crypto markets are buzzing post-election, with big players making huge moves and record-breaking news dropping every single day this week. BlackRock is expanding its tokenized U.S. Treasury product across multiple blockchains,

Bitcoin has more than doubled in value from the year's low of $38,505, boosted as Donald Trump embraced digital assets during his campaign.

Cryptocurrency token Bitcoin rallied its way to breach the $90,000-mark and hit its all-time high on Wednesday as President-elect Trump pledged easing digital token norms, reported the news agency AFP.