(Bloomberg) -- A surge in Bitcoin has paused as traders assess the remaining market impact of President-elect Donald Trump’s rhetorical support for crypto.

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The digital asset is up about 32% in the wake of Trump’s Nov. 5 election victory, hitting a record of $89,968 on Tuesday, based on data compiled by Bloomberg. It changed hands at $88,500 as of 9:13 a.m. Wednesday in Singapore.

Trump has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto skeptic, Trump reversed course after digital-asset companies spent heavily during election campaigning to promote their interests.

His stance spread optimism across crypto, lifting the value of the market to an all-time peak. But thorny questions remain about whether Trump and his Republican lawmakers will be focused first on larger matters like China policy and the US economy, pushing digital-asset legislation down the pecking order.

“While we wouldn’t rule out further gains, a heck of a lot of good news is now priced in,” IG Australia Pty Market Analyst Tony Sycamore wrote in a note.

Dogecoin

One of the strongest performers recently in crypto is Dogecoin, a token promoted by billionaire Elon Musk and a meme-crowd favorite. The Shiba-Inu themed coin, also known as DOGE, doubled in price in the past five days.

Before the election, Musk suggested he could lead a Department of Government Efficiency, whose initials are an apparent nod to the cryptocurrency. Trump on Tuesday announced the creation of the department to cut wasteful expenditure, and said Musk would be its co-head. Dogecoin jumped following the statement.

In global markets, the spotlight is turning to upcoming US inflation data, which may color views on the Federal Reserve’s scope for further interest-rate cuts.

Higher Yields

Treasury yields and the dollar jumped Tuesday, an indication investors expect inflationary pressures from Trump’s plan to impose tariffs and cut taxes. Stocks dipped against that backdrop given that an environment of comparatively higher borrowing costs is a potential hurdle for riskier investments, including crypto.

“Relatively muted” leverage in the crypto market “mitigates the risk of a sharp correction,” according to Noelle Acheson, author of the Crypto Is Macro Now newsletter. “A market breather would be welcome, but it is likely to be short. The tailwinds are still strong.”