Bitcoin reaches US$80,000 as Trump sweeps all seven swing states
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The news: Bitcoin reached a new record high of USD80,000 ($121,580) following President-elect Donald Trump’s decisive election victory amid surging optimism about a potential pro-crypto administration.
The milestone came as Trump secured wins in Nevada and Arizona during the weekend to complete a sweep of all seven swing states and setting the stage for a more crypto-friendly administration.
The Republican party is also set to take control of the Senate, while the final results for the House of Representatives are still pending.
The numbers: Bitcoin rose over 4% to as high as USD80,095.17, before paring back some gains to be at USD79,799.16 early Monday morning AEDT, according to Coindesk.
Cryptocurrencies like Ethereum and Solana also rose 8.9% and 4.5%, respectively. While XRP surged 11%, Cardano’s DeFi token soared 40% and memecoins Dogecoin and Shiba Inu jumped 17% and 31% respectively.
Bitcoin and ether have climbed 18% and 32%, respectively, since election day, with Coinbase shares posting a 48% weekly gain.
The context: Analysts expect the Trump administration to shift regulatory headwinds to supportive tailwinds, anticipating policy changes and a softer regulatory stance from the Securities and Exchange Commission.
