Bitcoin hits record $80,000 amid Trump’s pro-crypto surge

Cryptocurrency jacked up as much as 4.7%, reaching an unprecedented $80,092 on Sunday

Tech Desk - Nov 10, 2024

Bitcoin rallied past $80,000 for the first time, marking a significant milestone as it surged to an all-time high, fueled up by President-elect Donald Trump’s embrace of digital assets and the potential for a Congress with pro-crypto lawmakers.

The cryptocurrency jacked up as much as 4.7%, reaching an unprecedented $80,092 on Sunday.

Trump pledged during his campaign to cement the United States (US) at the forefront of the crypto-assets sector, including creating a strategic Bitcoin stockpile and hiring regulators who are strong supporters of cryptocurrencies. After the results of Tuesday’s election, Trump found himself stronger.

Hong Kong managing director at market-making firm Auros Le Shi stated: “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.”

ETFs, Fed

Bitcoin has gained 91% in 2024, propelled by significant demand for US exchange-traded funds and interest rate cuts by the Federal Reserve. The recent all-time high rise in digital assets following the US election has surpassed returns from traditional investments, including stocks and more.

According to Bloomberg, the Exchange Traded Funds (ETFs), powered by BlackRock Inc.’s $35 billion iShares Bitcoin Trust, saw a record daily net inflow of almost $1.4 billion on Thursday.

Trump’s position stands in stark contrast to President Joe Biden's competitive approach to cryptocurrencies. Securities and Exchange Commission (SEC) Chair Gary Gensler has described the industry as a misconduct involved in several frauds.

The agency has secured its oversight of crypto after a market crash in 2022, including the debacle of Sam Bankman-Fried's fraudulent FTX exchange.

According to Crypto Is Macro Now author Noelle Acheson, “Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely.”