The bitcoin price has topped $90,000 per bitcoin, up 20% in a week, as traders eye $100,000 in the wake of Donald Trump's U.S. presidential victory, with Musk's "favorite" cryptocurrency dogecoin leading a price pump that's sent the combined market back over $3 trillion for the first time since 2021.

Dogecoin, the meme cryptocurrency often associated with Elon Musk, soared in value after President-elect Donald Trump greenlit the tech billionaire's ideas for a new executive department by a similar name.

Elon Musk's Department of Government Efficiency said it is already recruiting people to work on the new initiative to cut federal spending.