Bitcoin
Bitcoin hits all-time record high over $81,000 as Donald Trump's win turbocharges cryptocurrencies
Mumbai/IBNS: Bitcoin has surged to a new record high, exceeding $81,000, following the election of US President-elect Donald Trump and his perceived support for digital assets, Bloomberg reported.
Crypto markets are seeing heightened activity as the possibility of a Trump-era Congress with pro-crypto lawmakers sparks optimism, according to the report.
As of 9:05 am on Monday (Nov. 11), Bitcoin reached $81,156.62, setting a new all-time high after already breaking $80,000 the previous day, Sunday (Nov. 10).
The cryptocurrency saw a sharp rise to $75,000 on Nov. 6, the day after Trump’s 2024 presidential win over Kamala Harris was confirmed, beating its previous high of $73,797.98 from March 2024.
Other smaller tokens, including Dogecoin, which billionaire Elon Musk has frequently endorsed, also gained as “bullish sentiment” continued to fuel the market, reports Bloomberg.
“With the dust from Trump’s victory still settling, it was only a matter of time before some type of rally emerged, considering the perception of Trump as pro-crypto, and that’s exactly what we’re seeing now,” Le Shi, managing director at Hong Kong-based market-making firm Auros, told Bloomberg.
Bitcoin has climbed about 93 percent this year, fueled by inflows into US bitcoin exchange-traded funds (ETFs) and interest-rate cuts by the Federal Reserve, the report added.
Richard Galvin, founder of crypto-focused investment firm DACM, told Bloomberg he expects “buying pressure” to persist “for some time yet,” partly due to a sense of reduced risk following Trump’s win.
According to the Bloomberg report, Noelle Acheson, author of 'Crypto Is Macro Now', echoed this optimism, noting, “Trump has promised supportive regulation, and the sweep of the House and Senate makes the passage of crypto bills much more likely.”
Once skeptical of digital currencies—Trump previously called them a “scam” during his first term—he has since adopted a more supportive stance during his re-election campaign. He even introduced his own digital platform, as per an AFP report.
The Republican candidate has promised to transform the US into the “bitcoin and cryptocurrency capital of the world” and has proposed appointing Tesla CEO Elon Musk to oversee an audit of government waste.
In September, Trump announced the upcoming launch of a digital currency platform, World Liberty Financial, co-founded with his sons and other entrepreneurs.
However, the platform’s launch earlier this month fell short of expectations, with only a small portion of its tokens successfully finding buyers, according to the report.
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