Bitcoin surged to a new high on Monday, climbing 3.6% to $82,171, following Donald Trump’s election win.
This increase came just after the cryptocurrency surpassed $80,000 on Sunday, marking a new milestone, according to CNBC.
Other cryptocurrencies saw gains as well, with ether rising 1.7% to around $3,202, having already topped $3,000 over the weekend.
Cardano’s decentralized finance token gained 1.3%, while XRP paused its movement.
Meanwhile, memecoins like Dogecoin and Shiba Inu continued their upward trend, with Dogecoin up nearly 10% and Shiba Inu rising 3.5%.
The head of money and markets at investment platform Hargreaves Lansdown, Susannah Streeter, highlighted that the recent surge in cryptocurrency prices is fueled by a sense of “euphoria” in the market, which was sparked by Donald Trump’s presidential win last week.
This optimism appears to be driving investor enthusiasm and contributing to the ongoing rally in digital assets like Bitcoin and others.
“His pledge to go all in on crypto has sent Bitcoin to fresh heady heights.
“He’s made an about turn on supporting the industry and is now vowing to turn the U.S. into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand,” she said.
On the campaign trail, Donald Trump made several high-profile promises to the cryptocurrency industry, including his goal to transform the U.S. into the “crypto capital of the planet” and to ensure all Bitcoin mining happens within the country.
He also pledged to remove U.S. Securities and Exchange Commission Chairman, Gary Gensler, who has taken a tough stance on crypto regulation.
However, this pledge faces a significant hurdle, as the president does not have the power to directly remove the SEC chair, who can only be dismissed for cause.
