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Bitcoin Reaches New High Amid Trump’s Election Victory
Bitcoin surged past $81,000 on Monday, reaching a record high following Donald Trump’s win in the U.S. presidential election. The outcome, along with the election of several pro-crypto members to Congress, has fuelled optimism for a less restrictive regulatory stance toward digital assets. BTCUSD rose 17% last week, closing at $80,425, marking the largest weekly gain since February 2024.
(BTCUSD Daily Price Chart, Source: Trading View)
The crypto sector invested over $119 million in support of pro-crypto congressional candidates, aiming to advance favourable legislation for digital assets. The effort paid off, with many backed candidates securing victories, potentially setting up a Congress supportive of crypto initiatives.
Trump’s shift toward crypto may partly stem from personal financial interests. In September, he and his family launched World Liberty Financial, a new crypto venture. “Bitcoin’s Trump-fuelled rally is in full swing,” said Matt Simpson, senior market analyst at City Index. “With Republicans close to gaining control of the House, crypto supporters are banking on regulatory rollbacks for digital currencies.
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