Bitcoin Hits All-Time High After Donald Trump's Victory, Election Of Pro-Crypto Candidates to US Congress

Bitcoin surged to an all-time high of over $81,000 on Monday (11 November), fueled by Donald Trump's US presidential victory and the election of pro-crypto candidates to Congress, sparking hopes for a relaxed regulatory stance on digital assets.

Bitcoin, the largest and most recognised cryptocurrency, has more than doubled since its annual low of $38,505 in January, reaching $80,829 in Asian trading hours after hitting a peak of $81,464 earlier in the session.

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

The cryptocurrency sector invested over $119 million in 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 support 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 focused on issues like deportation, pardons, and reversing Biden-era policies.