Washington (TDI): Bitcoin has hit a record high milestone of $81,889, analysts are saying the current surge is driven by investor excitement following Donald Trump’s recent election victory.
The cryptocurrency, which recently crossed the $75,000 mark, gained 2.25% today, trading near $80,933.
According to euronews.com Bitcoin investors have been accumulating Bitcoin-related assets, expecting that US cryptocurrency regulations will be more favourable under Trump administration.
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Bitcoin surged before and after Trump’s victory in the US election, with its price soaring 35% in one month and 94% year-to-date, largely attributed to the so-called “Trump trade” or Trump phenomenon.
The former US President has been notably pro-cryptocurrency, pledging at the Bitcoin 2024 conference to make the United States “the crypto capital of the planet” and position Bitcoin as a global superpower.
Trump had also vowed to dismiss Securities and Exchange Commission (SEC) Chair Gary Gensler, promising to “appoint an SEC chair who will build the future, not block the future” if re-elected.
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Other cryptocurrencies also saw gains, with Ethereum reaching $3,192, and Dogecoin hitting a three-year high. Bitcoin’s 80% growth in 2024 is attributed to strong demand for ETFs and U.S. Federal Reserve rate cuts, outperforming traditional assets like stocks and gold.
