From Investing.com
November 11, 2024 12:26:02 am:

Bitcoin surged to a new all-time high above $81,000 on Monday as investors anticipate a crypto-friendly regulatory environment under President Trump and pro-crypto Congress members. The digital currency has doubled from its yearly low of $38,505 and is currently trading at $81,572. Trump’s support for digital assets has boosted the entire cryptocurrency market.

Despite other ‘Trump trades’ losing momentum post-election, cryptocurrencies continue to rise. Market analysts believe the surge in Bitcoin is fueled by expectations of deregulation under Republican control of Congress. Investors are optimistic about Trump’s stance on digital assets despite potential challenges from the SEC.

Cryptocurrency industry’s backing of pro-crypto candidates in congressional races paid off, with several key victories in Ohio, Michigan, West Virginia, Indiana, Alabama, and North Carolina. Trump’s personal interest in crypto, shown through his new venture World Liberty Financial, has garnered positive reactions from investors. Billionaire Elon Musk, a Trump ally, also supports cryptocurrencies.

Eric Trump, executive vice president of The Trump Organization, is set to be a keynote speaker at a bitcoin conference in Abu Dhabi. Other cryptocurrencies like Ethereum and Dogecoin have also seen significant gains recently. Ethereum surpassed $3,200 for the first time in over three months, while Dogecoin reached a three-year high, reflecting the overall positive sentiment in the crypto market.

Read more at Investing.com: Bitcoin breaks $81,000 as Trump’s election turbocharges cryptocurrencies By Reuters