Bitcoin surged past $82,000 on Monday, hitting an all-time high as the election of Donald Trump as U.S. president, alongside pro-crypto congressional candidates, ignited optimism for a favorable regulatory landscape for cryptocurrencies. The world’s largest cryptocurrency has more than doubled from its 2024 low of $38,505, reaching a new peak of $82,527 before stabilizing at $82,236.
Trump’s campaign included strong support for digital assets, promising to make the U.S. the “crypto capital of the planet” and to build a national Bitcoin reserve. “Bitcoin’s Trump-pump is alive and well,” said Matt Simpson, senior market analyst at City Index. “With Republicans poised to take control of Congress, the crypto community is betting on deregulation.”
While Simpson noted that Trump’s immediate priorities may lie elsewhere, crypto investors are hopeful for reduced regulatory scrutiny, especially as Trump has signaled plans to replace U.S. SEC Chair Gary Gensler.
The cryptocurrency industry invested over $119 million in support of pro-crypto congressional candidates, many of whom succeeded in their races. One of the industry’s biggest detractors, Senate Banking Committee Chair Sherrod Brown, lost his Ohio seat, while crypto-friendly candidates from both parties won in Michigan, West Virginia, Indiana, Alabama, and North Carolina.
Trump also launched a crypto venture, World Liberty Financial, in September, fueling further optimism about his commitment to the sector. Meanwhile, billionaire Elon Musk, a prominent Trump ally and crypto advocate, is lending his support. Eric Trump, the president-elect’s son, is slated to speak at a major Bitcoin conference in Abu Dhabi next month, according to event organizers.
Deutsche Bank analyst Marion Laboure suggested that a Trump administration could bring regulatory clarity, increased institutional participation, improved infrastructure, and broader mainstream acceptance of cryptocurrencies. “Trump’s pragmatic approach marks a clear departure from recent regulatory restrictions,” Laboure noted.
Since Trump’s victory, crypto ETFs have also seen record inflows. On November 7, Bitcoin ETFs received their highest-ever net inflows of $1.38 billion, Citi analysts reported, attributing recent Bitcoin gains primarily to ETF demand. Gains have extended across the crypto market, with Ether rising above $3,200 and Dogecoin reaching a three-year high.
U.S.-listed crypto stocks soared in premarket trading as well, with Coinbase Global (COIN.O) up over 16%, iShares Bitcoin Trust (IBIT.O) up 7.3%, Riot Platforms (RIOT.O) jumping more than 10%, and MicroStrategy (MSTR.O), one of Bitcoin’s major corporate backers, rising 11.3%.
Laboure added that anticipated rate cuts from the Federal Reserve could further boost the cryptocurrency market, creating an even more supportive environment for digital assets.
