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Bitcoin Reaches Record $81,000
Bitcoin surged to a record high above $81,000 on Monday, driven by growing expectations that cryptocurrencies will thrive under a pro-crypto regulatory environment following Donald Trump’s presidential election win and the election of pro-crypto candidates in Congress.
Trump’s Crypto-Friendly Stance
Bitcoin, the world’s largest cryptocurrency, has more than doubled from a low of $38,505 earlier this year. The cryptocurrency was last trading at $81,572, having earlier reached a peak of $81,899. Trump has been a vocal supporter of digital assets, promising to turn the U.S. into the "crypto capital of the planet" and suggesting plans to accumulate a national bitcoin stockpile.
Crypto Investors Bet on Deregulation
Despite setbacks in other markets, cryptocurrencies have continued to perform well. Matt Simpson, Senior Market Analyst at City Index, stated, "Bitcoin’s Trump pump is alive and well." Investors are optimistic that Republican control of both the House and Senate will lead to deregulation in the digital asset space, particularly as Trump has indicated plans to fire SEC Chair Gary Gensler, known for his tough stance on crypto regulations.
Pro-Crypto Candidates Triumph
The cryptocurrency industry backed pro-crypto candidates in the midterm elections, spending over $119 million. Many of these candidates, including those in Ohio, Michigan, and Alabama, have now secured seats in Congress, signaling potential legislative support for the sector.
Broader Crypto Gains
Bitcoin's success is mirrored by other cryptocurrencies. Ether reached $3,200, and Dogecoin, once a satirical cryptocurrency, hit a three-year high.
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