Bitcoin Hits All-Time High Amid Trump-Driven Market Optimism​

Bitcoin surged to an unprecedented high, surpassing $81,000, as Donald Trump’s recent presidential election win and the election of pro-crypto representatives to Congress fueled hopes for a relaxed regulatory approach toward digital currencies. The world’s largest and most well-known cryptocurrency has seen a remarkable increase, more than doubling from its low of $38,505 on January 23rd. As of Monday’s trading in Asia, Bitcoin hovered around $80,829, reaching a peak of $81,464 earlier in the day.

Meanwhile, Ethereum also saw gains, climbing above $3,200 for the first time in more than three months and trading at around $3,192.

The crypto industry invested over $119 million in backing U.S. congressional candidates who support digital assets, aiming for a regulatory environment that encourages cryptocurrency adoption. This strategy appears to have paid off, as several of the industry’s favored candidates won, potentially setting up a Congress that is more supportive of crypto legislation.

Bitcoin’s Trump rally is in full swing. With Republicans close to taking control of the House, the crypto community is optimistic about the prospect of reduced regulations. However, this enthusiasm might be premature, as Trump’s focus remains primarily on issues like deportation, pardons, and reversing Biden-era policies.