Bitcoin Hits Record High Amid Trump-Fueled Crypto Optimism

Bitcoin reached a new all-time high of nearly $85,000 following the election of Donald Trump as U.S. president. The pro-crypto sentiment, coupled with support from prominent figures like Elon Musk and Eric Trump, has investors optimistic about the future of digital assets in a potentially reduced regulatory environment.

Bitcoin surged to a groundbreaking high, nearing $85,000, spurred by the expectation of a favorable regulatory climate following Donald Trump's presidential victory and the election of pro-crypto congressional candidates. The leading cryptocurrency more than doubled its yearly low, highlighting the renewed investor enthusiasm.

In tandem, U.S.-listed crypto stocks, including Coinbase Global and iShares Bitcoin Trust, soared. Crypto miner Riot Platforms and MicroStrategy, a key corporate bitcoin advocate, also enjoyed significant gains, showcasing broad market optimism.

Pivotal to this surge is Trump's promise to turn the U.S. into a crypto powerhouse, with plans to stockpile bitcoin and foster industry's growth. Observers anticipate reduced scrutiny from regulatory entities and expect a wave of institutional interest, bolstered by billion-dollar investments in political campaigns from the crypto industry.

(With inputs from agencies.)