Bitcoin hit a record high of over $82,000 on Monday, driven by optimism that cryptocurrencies will benefit from a favorable regulatory environment following Donald Trump’s re-election as US president, Reuters reports.
Trump, who had embraced digital assets during his campaign, promised to make the US the “crypto capital of the planet” and expressed plans to accumulate a national bitcoin stockpile. His election, along with the rise of pro-crypto candidates in Congress, has led to optimism among crypto investors, who anticipate reduced regulatory scrutiny. Trump has indicated he will fire SEC Chair Gary Gensler, who has been seen as tough on the industry.
Bitcoin has more than doubled from a low of $38,505 earlier this year, while other cryptocurrencies, including Ether and Dogecoin, also saw notable gains. Bitcoin ETFs have seen significant inflows, with a record $1.38 billion invested in the week following Trump’s election win. Analysts expect that favorable conditions, including potential rate cuts by the Federal Reserve, will continue to support the crypto market.
