Bitcoin Surges Past $81,000 on Pro-Crypto Sentiment Following Trump’s Election Victory
Singapore – Bitcoin reached a record high above $81,000 on Monday amid a growing belief that cryptocurrencies could thrive under a favorable regulatory environment in the United States following Donald Trump’s recent election as President, along with the success of pro-crypto candidates in Congress.
The world’s largest and most popular cryptocurrency has more than doubled from its yearly low of $38,505, peaking at $81,899 before settling around $81,572. Trump has expressed enthusiastic support for digital assets, pledging during his campaign to transform the United States into the “crypto capital of the planet” and signaling plans to build a national stockpile of Bitcoin.
Other “Trump trades” — ranging from U.S. stocks to shorting bonds — have shown mixed results since the election, but cryptocurrencies have continued their remarkable rally. “Bitcoin’s Trump-pump is alive and well,” noted Matt Simpson, Senior Market Analyst at City Index. “With Republicans on the verge of securing the House, investors are optimistic about the potential for deregulation in the digital currency space.”
Crypto investors anticipate a rollback in regulatory scrutiny under the U.S. Securities and Exchange Commission, currently led by Chair Gary Gensler, whom Trump has indicated he would replace. During the midterms, the crypto industry invested over $119 million in support of pro-crypto congressional candidates, yielding several significant victories. In Ohio, Senate Banking Committee Chair Sherrod Brown, a strong critic of the crypto sector, was defeated, while pro-crypto candidates from both parties secured seats in Michigan, West Virginia, Indiana, Alabama, and North Carolina.
Trump has also launched a new crypto-focused venture, World Liberty Financial, which he unveiled in September. Although details remain limited, investors see Trump’s personal involvement in the industry as a positive signal for cryptocurrency.
Billionaire Elon Musk, a prominent Trump supporter and crypto enthusiast, has bolstered this sentiment. Eric Trump, the president-elect’s son and Executive Vice President of The Trump Organization, is scheduled to speak as a keynote guest at an upcoming Bitcoin conference in Abu Dhabi.
Gains in the crypto market have extended across other major assets as well. Ether broke past $3,200 for the first time in over three months, trading at $3,192. Dogecoin, which began as a satire of the crypto frenzy in 2013, surged to a three-year high.
As the U.S. prepares for a potentially pro-crypto administration, investors are watching closely to see how regulatory and industry dynamics evolve under Trump’s leadership.
