Bitcoin reached an all-time high of more than $83,000, as the cryptocurrency market soared following President-elect Donald Trump’s victory and his administration’s expected support for digital assets. Trump won in Arizona, sweeping all seven crucial states, and his position on crypto-friendly legislation has prompted increased investment interest.
The largest cryptocurrency gained 6.1% on Sunday, reaching $83,300 as of press time. The market’s confidence also boosted other tokens, like Dogecoin, a meme-based coin popularised by entrepreneur Elon Musk, a Trump supporter.
“With the dust from Trump’s victory still settling, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto,” said Le Shi, Hong Kong managing director of market-making firm Auros.
Trump’s campaign vows to prioritise the US digital-asset sector, which include a strategic Bitcoin stockpile and pro-crypto regulatory appointments, have energised the market. Cryptocurrency advocates paid more than $100 million to support crypto-friendly candidates, hoping for quick regulatory changes.
The President-elect’s broader plan of tax cuts, lower regulatory obstacles, and growth-oriented economic changes has also fuelled advances in the stock, credit, and cryptocurrency markets. The S&P 500 hit its 50th record high of the year last week, indicating the market’s positive reaction to Trump’s pro-business measures. As Trump’s transition team begins, traders remain upbeat, dismissing concerns about the practicality and timetable for achieving his crypto-related promises.
