TRUMP'S VICTORY HELPED BITCOIN SET A NEW RECORD: $83,000

The cryptocurrency industry is expected to thrive under Trump.

Bitcoin has risen above $83,000 for the first time. Its growth was aided by the election of Donald Trump as US president: Trump is known to have a positive attitude towards the development of cryptocurrencies. In addition, many cryptocurrency supporters may appear in the new Congress. According to Bloomberg, the cryptocurrency industry has spent more than $100 million to support a number of candidates who are sympathetic to it.

Bitcoin rose 6.1% on Sunday and continued to rise on Monday, reaching an all-time high of $83,830 at 6:30 p.m. Moscow time (+5.25%) even for smaller cryptocurrencies, including Dogecoin, promoted by Trump supporter Elon Musk.

During the campaign, Trump promised that the United States would take center stage in the digital asset space. This includes creating a strategic bitcoin reserve and appointing digital asset advocates to high-level regulatory positions.

Trump's broader economic program of stimulating domestic growth, cutting taxes, and reducing red tape has also fueled the buying boom. That goes for the stock market, too. The S&P 500 stock index hit a record high last week.

Bitcoin has gained about 94% in 2024, helped by strong demand from U.S. exchange-traded funds and interest rate cuts by the Federal Reserve. The token's growth is many times greater than the return on investments like stocks and gold.

Trump’s stance is radically different from that of his predecessor Joe Biden. Securities and Exchange Commission Chairman Gary Gensler has repeatedly called the industry “rampant with fraud” and alleged misconduct. The agency has tightened restrictions on cryptocurrencies following the 2022 market crash and a series of collapses, most notably the collapse of FTX exchange Sam Bankman-Fried, who was convicted of fraud.