Bitcoin Surges to All-Time High of Over $81,000, Fueled by Trump Victory and Pro-Crypto Congress Candidates

Bitcoin, the largest and most recognised cryptocurrency, has more than doubled since its annual low of $38,505 in January

Bitcoin hit a record high of over $81,000 on Monday (11 November) as Donald Trump's US presidential victory and the election of pro-crypto candidates to Congress raised hopes for a relaxed regulatory stance on digital assets.

Bitcoin , the world's largest and best-known cryptocurrency, has surged more than double since its annual low of $38,505 in January, reaching $80,829 during Asian trading hours after hitting a peak of $81,464 earlier in the session.

Among other cryptocurrencies, Ether, the second-largest, crossed the $3,200 mark for the first time in over three months, trading at $3,192.

The cryptocurrency sector poured over $119 million into backing US congressional candidates who support digital asset-friendly policies, aiming to advance crypto-focused legislation. Many of these candidates were successful, suggesting a Congress that may be supportive of the industry.

"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.

However, he cautioned that this optimism might be premature, noting that Trump’s priorities currently appear to be centered on issues like deportation, pardons, and rolling back Biden-era policies.

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