Cryptocurrency Rally Fuels Surge in Bitcoin, Ether, and Dogecoin Following Trump’s Election Victory
Bitcoin hits new record above $81,000 as regulatory expectations rise
SINGAPORE, Nov 11 (Reuters) – Bitcoin surged to a record high above $81,000 on Monday, driven by growing optimism that the cryptocurrency market will benefit from a more favorable regulatory environment following Donald Trump’s election victory. Pro-crypto candidates also made significant gains in Congress, further boosting the sector’s outlook.
Bitcoin, the world’s largest and most well-known cryptocurrency, has more than doubled from its low of $38,505 earlier this year, reaching an all-time high of $81,899 before settling at $81,572.
Trump has long expressed support for digital assets, promising during his campaign to make the U.S. the “crypto capital of the planet” and even suggesting the creation of a national bitcoin reserve. While other ‘Trump trades’ — such as U.S. stocks and shorting bonds — have seen their momentum slow since the election, cryptocurrencies have remained on a strong upward trajectory.
“Bitcoin’s Trump-pump is alive and well,” said Matt Simpson, senior market analyst at City Index. “With Republicans on the brink of taking control of the House, crypto investors are betting on deregulation in the digital currency space.”
Crypto supporters are particularly hopeful that Trump’s administration will ease the regulatory pressure placed on the sector by the U.S. Securities and Exchange Commission (SEC), which has been led by Chairman Gary Gensler. Trump has indicated he would remove Gensler from his position, fueling expectations of a shift in policy.
The cryptocurrency industry has heavily invested in pro-crypto candidates, contributing over $119 million to support them. Their efforts have paid off, with key victories in Ohio, Michigan, West Virginia, Indiana, Alabama, and North Carolina, where pro-crypto candidates from both major parties triumphed. In Ohio, a major opponent of the crypto industry, Senate Banking Committee Chair Sherrod Brown, was defeated.
Trump’s involvement with cryptocurrency extends beyond his campaign promises. In September, he launched World Liberty Financial, a new crypto business, sparking investor enthusiasm. While details of the business remain limited, his personal interest in the sector has been seen as a positive signal for the future of digital assets. Additionally, Trump’s son, Eric Trump, is scheduled to speak at a major bitcoin conference in Abu Dhabi next month.
The broader cryptocurrency market has also experienced significant gains. Ether, the second-largest cryptocurrency, surpassed $3,200 for the first time in over three months, and is currently trading at $3,192. Meanwhile, Dogecoin, originally created as a joke in 2013, has reached a three-year high.
With the crypto sector seemingly poised for continued growth, investors are watching closely to see how Trump’s regulatory policies will shape the future of digital assets in the U.S.