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Bitcoin Hits Record High Above $82,000 Amid Pro-Crypto Sentiment Following Trump Election Win

Bitcoin has reached a historic peak above $82,000, fueled by optimism over a favorable regulatory environment following Donald Trump's election as U.S. president. As pro-crypto candidates win seats in Congress, the cryptocurrency market anticipates potential deregulation and a boost in institutional investment. Analysts and investors weigh in on what the Trump administration could mean for digital assets, with billionaire Elon Musk and Eric Trump showing support.

Bitcoin Hits Record High Above $82,000 Amid Pro-Crypto Sentiment Following Trump Election Win

Bitcoin Hits Record High Above $82,000 Amid Pro-Crypto Sentiment Following Trump Election Win
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11 Nov 2024 8:32 PM IST

Bitcoin surged past $82,000 on Monday, setting a new record as investors speculated on a favorable regulatory climate following the election of Donald Trump as U.S. president and the success of pro-crypto candidates in Congress.

The world's largest and most well-known cryptocurrency has more than doubled from its yearly low of $38,505, recently trading at $81,991 after reaching a peak of $82,413.

Trump campaigned on a pro-crypto platform, promising to position the United States as the "crypto capital of the planet" and amass a national Bitcoin reserve.

“Bitcoin’s Trump-driven rally is going strong,” commented Matt Simpson, senior market analyst at City Index. "With Republicans poised to control Congress, the crypto community is hopeful for deregulation." While Simpson noted that Trump’s initial focus may lie elsewhere, investors expect relief from the strict oversight imposed by U.S. SEC Chair Gary Gensler, whom Trump has pledged to remove.

The cryptocurrency sector spent over $119 million backing pro-crypto congressional candidates, many of whom won their races. In Ohio, crypto opponent Senate Banking Committee Chair Sherrod Brown lost his seat, while pro-crypto candidates from both parties succeeded in Michigan, West Virginia, Indiana, Alabama, and North Carolina.

Trump also launched a crypto venture, World Liberty Financial, in September. Although details remain scarce, his involvement has been taken as a positive sign by investors.

Billionaire Elon Musk, a Trump ally and cryptocurrency supporter, has also bolstered confidence in digital assets.

Adding to the pro-crypto momentum, Eric Trump, the president-elect’s son and executive vice president of the Trump Organization, is slated to be a keynote speaker at a Bitcoin conference in Abu Dhabi next month.

"The Trump administration could lead to faster regulatory clarity, increased institutional involvement, and more robust market infrastructure,” noted Marion Laboure, a research analyst at Deutsche Bank. "This approach signals a stark shift from recent regulatory crackdowns."

Cryptocurrency ETFs have seen significant inflows since Trump’s election. On Thursday, November 7, Bitcoin ETFs recorded their largest one-day inflows, with a net $1.38 billion, according to Citigroup data. "ETFs have been a key driver of Bitcoin’s gains, and we anticipate continued growth in the short term," Citigroup analysts said.

The cryptocurrency rally has been widespread, with Ether surpassing $3,200 over the weekend and currently trading at $3,188. Meanwhile, Dogecoin hit a three-year high, attracting renewed interest.

Laboure also expects potential rate cuts from the Federal Reserve to foster a supportive environment for the cryptocurrency market.

Bitcoin cryptocurrency Donald Trump crypto regulation Bitcoin record high pro-crypto candidates cryptocurrency market Elon Musk crypto ETFs Bitcoin ETF inflows 
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