Bitcoin Hits Record High Amid Pro-Crypto Wave Following Trump's Election

Bitcoin, the world’s largest and most well-known cryptocurrency, more than doubled from this year's low of $38,505, reaching $81,572 after hitting an intraday high of $81,899.

Trump advocated for digital assets during his campaign, pledging to transform the United States into the “crypto capital of the planet” and proposing the creation of a national bitcoin stockpile.

While other so-called “Trump trades,” such as US stocks and shorting bonds, have shown slower momentum post-election, cryptocurrency markets remain bullish.

"Bitcoin’s Trump-pump is alive and well," said Matt Simpson, senior market analyst at City Index. “With Republicans close to gaining control of the House, the crypto community appears confident about deregulation in the digital currency space."

Simpson noted that although Trump’s immediate focus may be on other priorities, investors anticipate a reduction in scrutiny from the US Securities and Exchange Commission (SEC). Trump has publicly vowed to dismiss current SEC Chair Gary Gensler.

The cryptocurrency sector invested over $119 million in support of pro-crypto candidates, with positive outcomes in multiple states. In Ohio, Senate Banking Committee Chair Sherrod Brown, a notable critic of crypto, was unseated. Meanwhile, pro-crypto candidates succeeded in Michigan, West Virginia, Indiana, Alabama, and North Carolina.

In September, Trump announced a new crypto venture, World Liberty Financial. While details remain limited, the business has been interpreted as a strong endorsement of the sector.

Billionaire Elon Musk, a key Trump ally, also supports cryptocurrencies. Eric Trump, the president-elect’s son and executive vice president of The Trump Organization, is set to deliver a keynote speech at a bitcoin conference in Abu Dhabi next month, according to event organizers.

The crypto rally has extended beyond bitcoin. Ether surpassed $3,200 for the first time in over three months, last trading at $3,192, while Dogecoin, initially launched as a parody, hit a three-year high.