Bitcoin surged to a new all-time high above $81,000 on Monday, fueled by the aftermath of Donald Trump’s U.S. presidential election victory and the success of pro-crypto candidates in Congressional races. The rally reflects growing optimism for a regulatory environment that could favor digital assets.
Bitcoin, the world’s leading cryptocurrency, has more than doubled from its January low of $38,505. It reached $81,464 earlier in the session, before settling at $80,829 during Asian trading hours.
Ether, the second-largest cryptocurrency, also saw a notable rise, surpassing $3,200 for the first time in over three months. It was last priced at $3,192.
The cryptocurrency sector invested over $119 million to support pro-crypto U.S. congressional candidates, hoping to push through favorable legislation that would benefit the digital asset space. The strategy appeared successful, as many of the industry’s chosen candidates emerged victorious last week, positioning Congress to potentially support crypto-friendly policies.
Matt Simpson, senior market analyst at City Index, commented, “Bitcoin’s Trump-pump is alive and well… With Republicans set to take control of the House, it seems the crypto crowd is betting on digital-currency deregulation.”
However, Simpson cautioned that such optimism might be premature, pointing out that Trump’s focus seems to be on issues like deportation, pardons, and undoing Biden-era policies, rather than prioritizing crypto deregulation.
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