Bitcoin Hits Record High

SINGAPORE (Reuters) – Bitcoin soared to a record high of over $81,000 on Monday as Donald Trump's victory in the U.S. presidential election, along with pro-crypto candidates winning seats in Congress, fueled expectations for a more favorable regulatory environment.

Bitcoin, the world's largest and most recognized cryptocurrency, has more than doubled from its low of $38,505 on January 23. It reached $80,829 during Asian trading hours, after peaking at $81,464 earlier in the session.

Meanwhile, smaller cryptocurrency Ether also made gains, rising above $3,200 for the first time in over three months. It was last priced at $3,192.

The cryptocurrency industry invested over $119 million to support pro-crypto candidates in the U.S. Congress, aiming for the advancement of crypto-friendly legislation.

The strategy paid off last week, with many candidates favored by the industry winning their elections, potentially leading to a Congress that will advocate for cryptocurrency.

"Bitcoin's Trump-pump is alive and well… with Republicans on the cusp of taking the house to confirm a red wave in Congress, it seems the crypto crowd are betting on digital-currency deregulation," stated Matt Simpson, senior market analyst at City Index.

"However, this optimism may be misplaced, as Trump’s focus appears to be on deportation, pardons, and dismantling Biden-era policies."