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Bitcoin Reaches New High Amid Trump’s Election Victory
Bitcoin surged past $81,000 on Monday, reaching a record high following Donald Trump’s win in the U.S. presidential election. The outcome, along with the election of several pro-crypto members to Congress, has fuelled optimism for a less restrictive regulatory stance toward digital assets. BTCUSD rose 17% last week, closing at $80,425, marking the largest weekly gain since February 2024.
(BTCUSD Daily Price Chart, Source: Trading View)
The crypto sector invested over $119 million in support of pro-crypto congressional candidates, aiming to advance favourable legislation for digital assets. The effort paid off, with many backed candidates securing victories, potentially setting up a Congress supportive of crypto initiatives.
Trump’s shift toward crypto may partly stem from personal financial interests. In September, he and his family launched World Liberty Financial, a new crypto venture. “Bitcoin’s Trump-fuelled rally is in full swing,” said Matt Simpson, senior market analyst at City Index. “With Republicans close to gaining control of the House, crypto supporters are banking on regulatory rollbacks for digital currencies.
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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Markets are susceptible to changes in supply and demand
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Ultima Markets is a member of The Financial Commission, an international independent body responsible for resolving disputes in the Forex and CFD markets.
All clients of Ultima Markets are protected under insurance coverage provided by Willis Towers Watson (WTW), a global insurance brokerage established in 1828, with claims eligibility up to US$1,000,000 per account.
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Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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