Bitcoin rises above 81,000 USD / Trump's election victory favors the strengthening of cryptocurrencies
Bitcoin surged to a record high above $81,000 on expectations that cryptocurrencies will thrive in a favorable regulatory environment following the election of Donald Trump as US president and "pro-crypto" candidates in Congress.
The world's largest and most popular cryptocurrency has now more than doubled from a year's low of $38,505 to reach $81,572, from a record high of $81,899 previously touched.
Trump favored the digital asset during his campaign, promising to make the United States "the cryptocurrency capital of the planet" and amass a national bitcoin reserve.
The cryptocurrency industry spent more than $119 million to support “pro-crypto” congressional candidates and, by and large, it has been successful.
Trump also unveiled a new crypto business in September, World Liberty Financial, and although details about the business have been scarce, investors have taken his personal interest in the sector as a friendly signal.
Billionaire Elon Musk, a key Trump ally, is also a supporter of cryptocurrencies. Eric Trump, one of the president-elect's sons and executive vice president of his private conglomerate, the Trump Organization, will be a keynote speaker at a bitcoin conference in Abu Dhabi next month.
The gains in cryptocurrencies have been huge. Ether rose above $3,200 for the first time in more than three months on Monday and was last at $3,192. Even Dogecoin, an alternative cryptocurrency that began as a satirical critique of 2013's crypto craze, was at a three-year high.
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