Bitcoin has surged to a record-breaking high, crossing $83,000 as the cryptocurrency market reacts positively to President-elect Donald Trump’s victory and anticipated pro-crypto policies.
Trump’s sweeping success, including a significant win in Arizona, has boosted investor optimism about a potential era of support for digital assets.
The leading cryptocurrency experienced a 6.1% increase on Sunday, ultimately reaching $83,300 by press time.
Bitcoin hits $80,000 for first time amid optimism over Trump
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’s campaign promises to prioritize the US digital-asset sector—including a strategic Bitcoin stockpile and pro-crypto regulatory appointments—have invigorated the industry.
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.
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