Bitcoin surges to record high on Trump bets

SINGAPORE (Reuters) – soared to record high of over $81,000 on Monday (NASDAQ:) as Donald Trump’s victory in the U.S. presidential election along with pro-crypto candidates being voted to the Congress spurred expectations of a light-handed regulatory environment.

Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled from the year’s low of $38,505 it hit on Jan. 23. It was last at $80,829 in Asian hours having touched a record high $81,464 earlier in the session.

Smaller cryptocurrency rose above $3,200 for the first time in over three months. It was last fetching $3,192.

The cryptocurrency industry spent more than $119 million backing pro-crypto U.S. congressional candidates in the hope of getting crypto-friendly legislation passed to promote digital assets.

The effort succeeded last week, with many of the industry’s chosen candidates winning their races, potentially ushering in a Congress poised to champion crypto.

“Bitcoin’s Trump-pump is alive and well… with Republicans on the cusp of taking the house to confirm a red wave in congress, it seems the crypto crowd are betting on digital-currency deregulation,” said Matt Simpson, senior market analyst at City Index.

“But this looks like blind optimism on their part, given Trump’s attention seems to be on deportation, pardons and the general deconstruction of Biden-era policies.”