Bitcoin hits all-time record high over $81,000 amid Donald Trump’s victory wave, gains 93% in 2024

Bitcoin all-time record high: Bitcoin broke through a new all-time record high over $81,000, on the back of United States President-elect Donald Trump’s victory and his apparent support of digital assets, Bloomberg reported.

Further, crypto markets are abuzz with the prospect of a Trump-era US Congress featuring pro-crypto lawmakers, it added.

As of 9:05 a.m. on November 11, the world's largest cryptocurrency was at $81,156.62. This is Bitcoin's second consecutive record high, having peaked at $80,000 for the first time on November 10.

On November 6, a day after Trump's 2024 US presidential election win against Kamala Harris was announced, the token reached $75,000, crossing its previous all-time high of $73,797.98 hit in March 2024.

Bullish Sentiment Persists

Smaller tokens, including billionaire Elon Musk-promoted Dogecoin, also gained as “bullish sentiment” persists across the crypto space, the BB report added.

“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” Le Shi, Hong Kong managing director at market-making firm Auros to Bloomberg.

Overall, Bitcoin has gained around 93 per cent so far in 2024, due to inflows into US bitcoin exchange-traded funds (ETFs) and interest-rate cuts by the US Federal Reserve (Fed), the report added. 

Richard Galvin, founder of crypto-focused investment firm DACM told Bloomberg they expect "buying pressure" to continue “for some time yet” given the de-risk from Trump's win. He is not alone in the optimism as Noelle Acheson, author of the Crypto Is Macro Now newsletter, wrote, “Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely.”

Trump Wave Pushed Crypto Rise

Trump is viewed as pro-crypto. During his first presidency, he called cryptocurrencies a “scam”, but has since reversed his position on it during his re-election campaign. He even launched his own platform for the unit, as per an AFP report.

The Republican candidate has pledged to make the US “bitcoin and cryptocurrency capital of the world” and to put Tesla founder and chief executive officer Elon Musk in charge of a wide-ranging audit of governmental waste, as per the report.

Trump announced in September that he, along with his sons and entrepreneurs, will launch a digital currency platform named World Liberty Financial. It had a poor launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer, reported the agency.

(With inputs from Bloomberg, AFP)