Bitcoin rallied to an all-time high of over $85,000, as the cryptocurrency market surged on news of President-elect Donald Trump’s win and his administration’s anticipated support for digital assets.
Trump secured victory in Arizona, sweeping all seven US battleground states, and his stance on crypto-friendly policies has sparked renewed enthusiasm among investors.
The largest cryptocurrency jumped by 6.1% on Sunday, further climbing to reach $85,800 as of press time.
The market’s optimism lifted other tokens as well, including Dogecoin, a meme-based coin popularized by billionaire Elon Musk, a Trump supporter.
“With the dust from Trump’s victory still settling, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto,” commented Le Shi, Hong Kong managing director at market-making firm Auros.
Trump had pledged during his campaign to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.
His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
Cryptocurrency supporters contributed over $100 million to back crypto-friendly candidates, hoping to see swift regulatory advances.
The President-elect’s broader agenda of tax cuts, reduced regulatory barriers, and growth-focused economic reforms has also spurred gains across stocks, credit, and crypto markets. The S&P 500 reached its 50th record high of the year last week, reflecting the market’s buoyant response to Trump’s pro-business policies.
As Trump’s transition team begins, traders remain optimistic, pushing aside concerns about the feasibility or timeline for implementing his crypto-related pledges.
For now, the market’s bullish sentiment underscores the digital-asset industry’s confidence in a pro-crypto White House.
After touching its new high, the market is now speculating about “when, not if, Bitcoin will smash through $100,000.
