Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights
Bitcoin breaks $81,000 as Trump's election turbocharges cryptocurrencies
Reuters: SINGAPORE, Nov 11 (Reuters) - Bitcoin soared to a record high above $81,000 on Monday on expectations that cryptocurrencies will boom in a favourable regulatory environment following the election of Donald Trump as U.S. president and pro-crypto candidates to Congress.
The world's biggest and best-known cryptocurrency , has now more than doubled from the year's low of $38,505 and was last at $81,572 having earlier touched a record high of $81,899.
Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.
Other so-called 'Trump trades' - from U.S. stocks to shorting bonds have lost some steam since the election, but cryptocurrencies haven't paused for breath.
"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, referring to Republican control of both houses.
While Simpson warned Trump's near-term priorities are likely to lie elsewhere, crypto investors see an end to stepped-up scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will fire.
The cryptocurrency industry spent more than $119 million backing pro-crypto congressional candidates and has, by and large, succeeded.
In Ohio, one of the crypto industry's biggest foes in Congress - Senate Banking Committee Chair Sherrod Brown was ousted, while pro-crypto candidates from both the Democratic and Republican parties won in Michigan, West Virgina, Indiana, Alabama and North Carolina.
Trump also unveiled a new crypto business, World Liberty Financial in September, and although details about the business, opens new tab have been scarce, investors have taken his personal interest in the sector as a friendly signal.
Billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.
Eric Trump, one of the president-elect's sons and executive vice president of his private conglomerate, The Trump Organization, is a keynote speaker at a bitcoin conference in Abu Dhabi next month, according to the event organisers.
Gains in cryptocurrencies have been broad. Ether rose above $3,200 for the first time in over three months on Monday and was last fetching $3,192. Dogecoin , an alternative cryptocurrency that began as a satirical critique of the 2013 crypto frenzy, was at a three-year high.
-
- Politics
- 11 November 2024 12:09
In World
-
U.S. President-elect Donald Trump has announced that billionaire Elon Musk and former presidential candidate Vivek Ramaswamy will head a newly established Department of Government Efficiency (DOGE), as part of a sweeping plan to overhaul federal bureaucracy.
-
Former Russian President Dmitry Medvedev accused European leaders on Tuesday of seeking to dangerously escalate the Ukraine conflict following the re-election of former U.S. President Donald Trump.
-
Russia is considering a plan to combine three of its oil giants, making for the world's second-largest largest oil producer, The Wall Street Journal reported.
-
Mass protests erupted in Abkhazia on Monday as opposition forces took to the streets of Sukhumi following the detention of several activists. Dozens of demonstrators gathered outside the country’s State Security Service building, demanding the release of the detained individuals. Protests also spilled over onto Freedom Square, leading to disruptions across the capital.
Leave a review