Bitcoin soared to a record high above $81,000 on Monday as the election of Donald Trump as U.S. president and the rise of pro-crypto candidates to Congress boosted optimism for a favorable regulatory environment. The leading cryptocurrency surged to $81,572, after briefly hitting an all-time high of $81,899, more than doubling from its yearly low of $38,505.
Throughout his campaign, Trump pledged to make the U.S. a global crypto hub, promising regulatory support and a national Bitcoin reserve. This stance has fueled what analysts are calling the “Trump-pump,” sparking renewed interest across the digital currency space.
“Bitcoin’s Trump-pump is alive and well,” said Matt Simpson, senior market analyst at City Index. He noted that with Republicans poised to control Congress, crypto advocates are betting on a rollback of regulations that intensified under the current U.S. Securities and Exchange Commission Chair Gary Gensler, whom Trump has promised to replace.
The cryptocurrency sector contributed over $119 million to support pro-crypto candidates in Congress, with major wins in states like Ohio, Michigan, West Virginia, Indiana, Alabama, and North Carolina. In Ohio, Senate Banking Committee Chair Sherrod Brown, a known critic of the crypto industry, lost his seat, signaling further promise for deregulation.
Trump’s own crypto venture, World Liberty Financial, launched in September, is expected to be a focal point for industry watchers. Investors are interpreting Trump’s personal investments and allies, like billionaire Elon Musk, as a strong endorsement for the sector’s future in the U.S.
Beyond Bitcoin, other cryptocurrencies are also enjoying gains. Ethereum broke past $3,200 for the first time in months, and Dogecoin reached a three-year high, reflecting broad enthusiasm across the digital currency market.
Eric Trump, executive vice president of the Trump Organization, is slated to be a keynote speaker at an upcoming Bitcoin conference in Abu Dhabi, signaling the Trump family’s active engagement with the sector.