Bitcoin hit a record high of over $81,000 on Monday, boosted by Donald Trump’s win in the U.S. presidential election and the election of candidates who support cryptocurrencies. This has led to hopes for fewer regulations on digital currencies, reports Reuters.
Bitcoin, the largest and most well-known cryptocurrency, has more than doubled in value since its low of $38,505 on January 23. It was last priced at $80,829 during Asian trading hours, after reaching a record high of $81,464 earlier in the session.
The smaller cryptocurrency Ether climbed above $3,200 for the first time in more than three months, last trading at $3,192.
The cryptocurrency industry spent over $119 million supporting pro-crypto candidates in the U.S. congressional elections, hoping to get laws passed that would help promote digital assets.
The effort worked, with many of the candidates backed by the crypto industry winning, which could lead to a Congress that supports cryptocurrency.
“Bitcoin’s Trump-pump is alive and well… with Republicans on the cusp of taking the house to confirm a red wave in congress, it seems the crypto crowd are betting on digital-currency deregulation,” said Matt Simpson, senior market analyst at City Index.
“But this looks like blind optimism on their part, given Trump’s attention seems to be on deportation, pardons and the general deconstruction of Biden-era policies.”
Bd-pratidin English/ Afia
