Bitcoin surged to a record above $82,000 on Monday amid expectations of a crypto-friendly regulatory environment under President-elect Donald Trump. Trump’s campaign promises to transform the U.S. into a "crypto capital" and his intent to fire SEC Chair Gary Gensler have sparked optimism among investors. The cryptocurrency industry spent over $119 million on pro-crypto congressional candidates, many of whom secured victories in key states.
Trump’s interest in digital assets, bolstered by his new venture, World Liberty Financial, has also encouraged the crypto community. Meanwhile, major Trump ally Elon Musk continues his support for digital currencies, further adding to the market’s momentum.
In addition to Bitcoin, other cryptocurrencies saw notable gains. Ethereum broke past $3,200 for the first time in months, while Dogecoin reached a three-year peak. U.S.-listed crypto stocks and exchange-traded funds (ETFs) also experienced a surge in inflows, suggesting institutional investors are joining the rally. Analysts at Deutsche Bank predict that rate cuts from the Federal Reserve will further support the market.
