Bitcoin surged to a record high, breaking above $81,000, fueled by expectations of a cryptocurrency boom following Donald Trump’s re-election as US president.
The world’s largest digital currency rose as much as 6.1% on Sunday, reaching an unprecedented peak of $81,899 overnight, driven by the Republicans’ anticipated sweep of both houses of Congress and Trump’s return to the White House.
Bitcoin, the biggest and most recognized cryptocurrency, has now more than doubled from its yearly low of $38,505. Trump, who labelled himself the “crypto president,” embraced digital assets during his campaign, vowing to transform the US into the “crypto capital of the planet” and amass a national reserve of Bitcoin.
The cryptocurrency sector invested over $119 million in support of pro-crypto congressional candidates, and the strategy largely paid off.
In Ohio, Senate Banking Committee Chair Sherrod Brown, a strong opponent of the crypto industry, was defeated. Pro-crypto candidates secured victories across Michigan, West Virginia, Indiana, Alabama, and North Carolina from both major parties.
Matt Simpson, senior market analyst at City Index, commented: “Bitcoin’s Trump-driven rally is in full swing. With Republicans on the verge of taking control of the House, the crypto market is anticipating a wave of deregulation.”
Le Shi, managing director at Auros in Hong Kong, remarked: “With Trump’s victory freshly confirmed, it was inevitable to see a market rally given his perceived support for cryptocurrencies. That’s exactly what we’re witnessing now.”
