Bitcoin approaches $80,000 milestone amid Trump’s crypto-friendly stance
Bitcoin surged close to $80,000 on Sunday, reaching an all-time high amid President-elect Donald Trump’s pro-crypto stance and a Congress featuring key supporters of digital assets.
The cryptocurrency climbed as much as 4.3 percent, peaking at $79,771, and was trading around $79,000 in Singapore as of 2:05 p.m. Smaller cryptocurrencies, including Cardano and meme-favourite Dogecoin, also saw gains.
On the campaign trail, Trump pledged to establish the U.S. as a digital asset hub, vowing to build a strategic Bitcoin stockpile and appoint pro-crypto regulators. The former president's Republican Party now controls the Senate and holds a narrow majority in the House, adding momentum to his pro-crypto vision for the U.S.
Bitcoin has already surged approximately 90% in 2024, outpacing traditional investments such as stocks and gold. Key drivers include demand for U.S. Bitcoin exchange-traded funds (ETFs) and recent Federal Reserve interest rate cuts. Market interest skyrocketed following Trump’s election, with BlackRock’s $35 billion iShares Bitcoin Trust ETF seeing record inflows of $1.4 billion on Thursday. The trading volume for the ETF also hit an all-time high, illustrating how Trump’s victory is shaping cryptocurrency markets.
Trump’s approach marks a sharp departure from the Biden administration, which had taken a more cautious approach to the sector. Under President Joe Biden, the Securities and Exchange Commission (SEC) ramped up scrutiny of digital assets, with SEC Chair Gary Gensler branding the industry as rife with fraud. The agency intensified regulation following the collapse of high-profile crypto firms, including FTX, which imploded in a high-profile bankruptcy last year.
Trump’s pro-crypto platform was boosted by substantial financial support from the digital asset industry during the election, with companies and executives backing candidates viewed as crypto-friendly.
Source : Graphic Online
