Trump's Victory Fuels Bitcoin Surge, Crypto Markets React

Image Credit: Reuters

Bitcoin surged to a record high of over $81,000 on Monday, driven by expectations of a more favorable regulatory environment following Donald Trump’s presidential win and the election of pro-crypto candidates to Congress.

The leading cryptocurrency has more than doubled from its January low of $38,505, reaching $80,829 in Asian trading, after briefly touching $81,464. 

Ethereum also saw a significant rise, surpassing $3,200 for the first time in over three months.

The cryptocurrency sector invested over $119 million supporting pro-crypto U.S. congressional candidates, aiming to pass crypto-friendly legislation that would boost digital assets.

Many of these candidates emerged victorious last week, potentially paving the way for a Congress that is more supportive of cryptocurrency.

"Bitcoin’s rally is fueled by Trump’s win and a potential Republican-controlled House, with crypto enthusiasts betting on deregulation of digital currencies," said Matt Simpson, senior market analyst at City Index.

However, he cautioned that this optimism might be misplaced, as Trump’s focus appears to be more on issues like deportation and rolling back Biden-era policies rather than crypto regulation.

Paraphrasing text from "Reuters"all rights reserved by the original author.