Bitcoin hits record high after Trump’s US presidential victory

Bitcoin surged past US$81,000 (2.78 million baht) today, November 11, hitting a record high, following Donald Trump’s win in the US presidential election. The victory, alongside the election of pro-crypto candidates to Congress, has fuelled speculation about a more lenient regulatory landscape for cryptocurrencies.

The digital currency has experienced a remarkable rise, more than doubling from its lowest point of US$38,505 on January 23. During Asian trading hours, Bitcoin reached US$80,829, having earlier peaked at US$81,464.

Ethereum, a smaller cryptocurrency, also saw gains, surpassing US$3,200 for the first time in over three months. It was last recorded at US$3,192.

The cryptocurrency sector invested upwards of US$119 million to support pro-crypto candidates in the US congressional races. The aim was to secure lawmakers who might advance crypto-friendly legislation, thereby fostering a favourable environment for digital assets.

This strategy paid off last week, with a significant number of these candidates securing their positions. The result is a Congress potentially inclined to advocate for cryptocurrency interests.

Matt Simpson, a senior market analyst at City Index, commented on the effect of the Republicans on the crypto market.

“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.

“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.”

The developments have created a buzz within the cryptocurrency community, which is hopeful for a regulatory environment that could support further growth and adoption of digital currencies, reported Bangkok Post.