Bitcoin hits record high as Trump sweeps swing states

Bitcoin has hit $80,000 for the first period as Donald Trump recorded victories in Nevada and Arizona in the US election, marking a tidy sweep of the seven swing states for the president-elect and paving the way for a more pro-crypto administration.

The cryptocurrency rose as much as 4.5 per cent on Sunday, according to data from LSEG, extending its rally following Trump’s decisive triumph in the presidential election earlier in the week.

Its shift boosted other cryptocurrencies. Ethereum, the globe’s second-largest token after Bitcoin, rose 8.9 per cent to hit $3,200 a coin for the first period since August, while Solana rose 4.5 per cent.

“Bitcoin, among the riskiest of risky assets, is having its instant in the sun,” said Eswar Prasad, economics professor at Cornell University. “The regulatory clouds are lifting. monetary conditions are becoming looser, and US macroeconomic prospects continue looking luminous.” 

The crypto industry has hailed Trump’s election as a triumph for digital currencies as executives anticipate a shift in policy and the attitudes of US regulators, following a Democratic administration that was seen as more unfriendly to the alternative assets. Bitcoin rallied to a previous all-period high of more than $75,000 on Wednesday as it emerged that Trump had won the White House.

While the final outcome for the House of Representatives is not yet confirmed, Republicans are on the cusp of taking control, which “would allow the recent administration to push through supportive policies for digital assets soon after taking office”, according to a note from Standard Chartered.

“We would look for several positives for the property class early in the administration: regulatory changes . . . and changes at the financial instruments and trade percentage that would navigator to a softer regulatory stance on digital assets,” Geoff Kendrick, the financial institution’s head of digital assets research, said on Friday.

The soaring valuations arrive as investors aspiration the Trump White House will set an agenda that ignites a wave of profit from large US institutions that have so far sat on the sidelines of the trade. 

Trump highlighted the merits of Bitcoin throughout his campaign, even promoting a recent enterprise set up by some of his longtime business partners and backed by his sons. Trump’s positive comments on the liquid assets arrive despite calling it a “scam” against the US dollar in his previous presidency.

Richard Teng, the chief executive of crypto trade Binance, which was hit with a $4.3bn fine for anti-money laundering and sanctions violations last year while its previous boss was jailed, has hailed Trump’s triumph as the commence of a “golden era”.

Brian Armstrong, chief executive of crypto trade Coinbase, said: “America is going to pursue a path towards economic liberty.”

“The oppressive headwinds that impeded industry advancement and fattened legal bills over the history four years have abated,” Alex Thorn, head of research at crypto monetary services provider Galaxy Digital, said in a note.

“Trump’s inner circle is extremely supportive of digital assets . . . the pro-crypto nature of his throng, household, and donors increases the likelihood that Trump follows through on his campaign promises to the industry,” he added.

David Yermack, finance professor at recent York University’s Stern School of Business, tempered optimism concerning how significant Trump’s win will complete up being for Bitcoin and the wider crypto industry. 

“Trump has made some wild promises on the campaign trail. But when you listen to him actually talk about digital liquid assets, he has no concept what it is,” he said. 

“I ponder almost any recent administration, even if Harris had won, would have ended up regulating this space in a more intelligent way than you’ve seen up to now.”