Bitcoin hits record high above $87,000

Bitcoin surged to a record above $87,000 on Monday in a blistering rally amid expectations cryptocurrencies will thrive in a light-touch regulatory environment following the election of Donald Trump as U.S. president and pro-crypto candidates to Congress.

The world’s biggest and best-known cryptocurrency has more than doubled from the year’s low of $38,505 and was last at $87,079, up nearly 9% from late on Sunday, having earlier touched a record high of $87,460.