From Investing.com: 2024-11-10 20:46:19

Bitcoin surged to a record high of over $81,000 on Monday following Donald Trump’s win and pro-crypto candidates being elected to Congress, boosting hopes for a relaxed regulatory environment. The cryptocurrency has more than doubled from a low of $38,505 in January, last trading at $80,829.

Ethereum, a smaller cryptocurrency, surpassed $3,200 for the first time in over three months, reaching $3,192. The industry spent over $119 million supporting pro-crypto U.S. congressional candidates to push for crypto-friendly legislation.

The successful election of crypto-friendly candidates has raised expectations for a Congress supportive of digital assets. Analysts believe the surge in Bitcoin is linked to optimism for deregulation, despite concerns about Trump’s focus on other policies.

Matt Simpson, senior market analyst at City Index, noted the correlation between Bitcoin’s surge and the potential for a red wave in Congress, suggesting blind optimism from the crypto community regarding digital-currency deregulation amidst other policy priorities.



Read more at Investing.com: Bitcoin surges to record high on Trump bets By Reuters