1 week Ago
Bitcoin surged to a record high of $81,464 on Monday after the US presidential election results, in which Donald Trump secured victory, boosted expectations of a crypto-friendly regulatory environment, according to a recent report by Reuters. According to Reuters, the outcome, along with the success of several pro-crypto congressional candidates, fueled investor confidence that the United States may adopt a more lenient stance on digital currencies. Bitcoin, the largest cryptocurrency by market capitalisation, has more than doubled in value since hitting a low of $38,505 in January.
It was trading at around $80,829 in Asian markets, marking a significant rally attributed to the political developments, according to the report. Ether, the second-largest cryptocurrency, also saw gains, climbing above $3,200 for the first time in over three months. The cryptocurrency industry invested over $119 million to support pro-crypto candidates in Congress, hoping to foster a legislative environment conducive to digital asset growth, adds Reuters.
With several of these candidates winning their races, analysts are now forecasting a Congress more favourable to cryptocurrency regulation. "Bitcoin's Trump-pump is alive and well," said Matt Simpson, senior market analyst at City Index, commenting on the investor momentum, as per the Reuters article. Simpson noted that expectations of Republican control in the House are further fueling optimism for deregulation in the digital currency space.
The potential shift in policy is seen as a positive signal for long-term growth in digital assets, with investors closely monitoring any forthcoming legislative developments, suggests the Reuters report..
