Bitcoin surged to a new record high, breaking through the $81,000 mark for the first time on Monday. This significant rise, nearly a 20% increase, follows the outcome of the US presidential election, where former President Donald Trump secured a victory.
Trump’s return to the White House is viewed positively by the crypto sector, as he has pledged to make the United States the “crypto capital of the world.” He has promised more flexible regulations for cryptocurrencies, a stark contrast to the tougher stance taken by the current administration under President Joe Biden. Biden’s concerns about fraud and money laundering in the digital coin sector have led to stricter actions against cryptocurrencies.
The prospect of Republicans holding a majority in the Senate over the next four years enhances Trump’s ability to implement his policies, including those related to cryptocurrencies. This potential shift in regulatory environment is seen as good news for crypto enthusiasts, who have faced stricter regulations under Biden’s administration.
Earlier on Monday, bitcoin reached a new record level of about $81,500, according to data from the cryptoplatform CoinMarketCap. By around 6:45 a.m., the cryptocurrency was valued at $80,900. This milestone follows the previous record set on Sunday, when bitcoin first surpassed the $80,000 mark after Trump’s victory in the swing state of Arizona became clear.
Last week, during the US election, bitcoin touched a new record level of more than $76,000. The previous year’s record was achieved in March with a price of nearly $74,000. This year, the price of bitcoin has almost doubled, reflecting the significant growth and investor confidence in the cryptocurrency.
Trump’s changed stance on cryptocurrencies is noteworthy. During his first presidency, he referred to cryptocurrencies as a scam, but he has since radically altered his position. He has even launched his own digital currency platform, World Liberty Financial, although its sales launch was met with limited success earlier this month. Trump’s actions and promises have contributed to the optimism among crypto investors, who anticipate a more favorable regulatory environment under his administration.
