Expectation that the new Trump administration will be favorable to cryptocurrency has sent prices soaring, luring in some investors for the first time.

Bitcoin surged to a new record on Wednesday, reaching over $90,000, as the cryptocurrency market reacted positively to Trump's deregulation promise.

Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%.