Bitcoin surged past $82,000 on Monday, reaching an all-time high as investors rallied around hopes for a pro-crypto regulatory environment under President-elect Donald Trump.
The cryptocurrency hit $82,527, more than doubling from its 2024 low of $38,505, spurred by Trump’s campaign promises to support digital assets and make the U.S. the “crypto capital of the planet.”
Analysts see the election as a tipping point, with Trump’s victory and a Republican-led Congress potentially bringing deregulation to the industry. Matt Simpson, senior market analyst at City Index, noted that Bitcoin’s “Trump-pump is alive and well,” with expectations mounting for regulatory relief.
This optimism follows a massive political push from the crypto industry, which invested over $119 million in pro-crypto congressional candidates, many of whom won their races. In Ohio, crypto-critic and Senate Banking Committee Chair Sherrod Brown was ousted, and other pro-crypto candidates gained seats in Michigan, West Virginia, Indiana, Alabama, and North Carolina.
Trump’s interest in crypto appears serious; in September, he launched a new venture, World Liberty Financial, focused on digital finance. His son Eric Trump is also scheduled to speak at an upcoming Bitcoin conference in Abu Dhabi, underscoring the family’s commitment to the sector. Elon Musk, a prominent Trump supporter and longtime crypto advocate, further fueled enthusiasm with his support.
Since Trump’s election win, bitcoin exchange-traded funds (ETFs) have seen record inflows, totaling $1.38 billion on November 7 alone, as reported by Citigroup. Other cryptocurrencies also rallied, with Ether surpassing $3,200 and Dogecoin reaching a three-year high, indicating broad market gains. U.S.-listed crypto stocks reacted to the sentiment as well, with Coinbase rising 16%, iShares Bitcoin Trust up 7.3%, and crypto miner Riot Platforms jumping more than 10%.
Analysts suggest that Trump’s focus on digital assets, coupled with potential rate cuts from the Federal Reserve, could pave the way for greater institutional involvement and mainstream acceptance. As regulatory clarity improves, investors are betting on continued growth in the crypto space, anticipating a pivotal era for digital finance under the incoming administration.
