Bitcoin surged close to the $80,000 mark for the first time, fueled by President-elect Donald Trump’s endorsement of digital assets and a Congress with pro-crypto lawmakers. On Sunday, Bitcoin rose by 4.3% to an unprecedented $79,771, settling around $79,000 in early afternoon trading in Singapore. Other cryptocurrencies, including Cardano and Dogecoin, joined the rally.
Throughout his campaign, Trump expressed support for positioning the U.S. as a leader in digital assets, proposing a strategic Bitcoin reserve and appointing crypto-friendly regulators. His unexpected electoral strength bolstered this vision, as the Republican Party gained control of the Senate and holds a slim lead in the House.
Le Shi, Hong Kong managing director at market-making firm Auros, observed that “with the dust from Trump’s victory still settling down, it was only a matter of time before a Bitcoin run-up occurred given Trump’s perceived pro-crypto stance.”
The cryptocurrency has soared nearly 90% in 2024, outpacing stocks and gold, with increased demand for Bitcoin ETFs and the Federal Reserve’s recent rate cuts driving investor enthusiasm. BlackRock’s iShares Bitcoin Trust has seen record inflows, with Thursday marking a $1.4 billion net intake, signaling that Trump’s win is shaping the crypto landscape.
Trump’s support contrasts with Biden’s administration, which imposed a tighter regulatory regime under SEC Chair Gary Gensler following the 2022 crypto market downturn and FTX’s collapse. Crypto advocates spent heavily in the recent elections to support candidates favorable to the sector.
“Trump has promised supportive regulation,” noted Noelle Acheson, author of Crypto Is Macro Now, adding that a Republican-controlled Congress increases the likelihood of crypto-friendly bills.