Bitcoin Skyrockets: Trump Administration Boosts Cryptocurrency Boom

Bitcoin reached a record high above $81,000, fuelled by expectations of a pro-crypto push following Donald Trump's election as U.S. President. The crypto surge is driven by Trump's campaign promises and pro-crypto congress members' success. Trump's engagement and supportive figures like Elon Musk further bolster investor confidence.

Bitcoin surged past $81,000, setting a new record as expectations of a pro-crypto stance grew under Donald Trump's leadership. The cryptocurrency giant has more than doubled from its early-year lows, reaching $81,572 on Monday, further highlighting market optimism.

Trump's campaign strongly supported digital assets, aiming to establish the U.S. as the 'crypto capital of the planet.' Despite other 'Trump trades' losing momentum post-election, cryptocurrencies continue to thrive. Analysts like Matt Simpson foresee deregulation with Republican influence growing in Congress, spurred by Trump's intent to replace SEC Chair Gary Gensler.

The digital currency industry's significant financial backing of pro-crypto candidates has largely paid off, with victories across multiple states. Trump's new venture, World Liberty Financial, although scant on details, signifies his commitment to cryptocurrency, a sentiment bolstered by allies like Elon Musk.

(With inputs from agencies.)