"He's made an about turn on supporting the industry and is now vowing to turn the U.S. into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand."

On the campaign trail, Trump made a slew of promises to the crypto industry, including making the U.S. the "crypto capital of the planet" and insisting that all bitcoin should be mined in the country.