Bitcoin rocketed to unprecedented heights on Monday, surpassing £81,000 amid growing optimism that Donald Trump’s return to the presidency will herald a new era of cryptocurrency deregulation in the United States.
The premier digital currency’s remarkable ascent gained significant momentum following Trump’s electoral triumph last week, climbing swiftly from £70,000 to its current trading position of approximately £81,557, with a peak of £81,899. This stellar performance builds upon bitcoin’s impressive trajectory in 2024, having nearly doubled its value since January, bolstered by April’s halving event which constrained supply.
Trump’s campaign promises have played a pivotal role in driving market sentiment, with his pledge to transform America into “the crypto capital of the planet” resonating strongly with investors. The president-elect’s stance marks a decisive shift from current regulatory frameworks, many of which were implemented following the collapse of major exchanges like FTX.
The anticipated dismissal of Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has particularly enthused crypto enthusiasts. Gensler’s tenure, characterised by stringent oversight and high-profile prosecutions including action against Coinbase, has been viewed as increasingly hostile by industry participants.
Market observers are closely monitoring the potential influence of Elon Musk, whose established relationship with Trump could provide the cryptocurrency sector with direct access to the incoming administration. Musk, Tesla’s chief executive and the globe’s wealthiest individual, maintains his position as a steadfast advocate for digital currencies.
The cryptocurrency surge parallels broader market optimism, with US stock indices reaching historic peaks amid expectations of expanded tax reductions under Trump’s second term. However, US government bond yields continue their upward trajectory as markets factor in Trump’s proposed 20 per cent blanket import tariffs, which economists suggest could fuel inflationary pressures.
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