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.
In other news, amidst the typical chatter of low growth, high debt, and conflicts flaring up, the real buzz at the annual IMF and World Bank meetings was the possible political comeback of Donald Trump. This was the hot topic for finance leaders in Washington last week, overshadowing the usual suspects on the agenda.
