Bitcoin reaches $80,000 for first time on optimism over Trump
Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.
The cryptocurrency climbed as much as 4.7% to an unprecedented $80,092 on Sunday.
Trump vowed on the campaign trail to put the US at the center of the digital-asset industry, including creating a strategic Bitcoin stockpile and appointing regulators enamored with digital assets. He emerged from Tuesday’s election in a stronger position than expected — his Republican Party has control of the Senate and is on the verge of holding a narrow majority in the House.
“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros.
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