The cryptocurrency hit $82,000 as a rally that began after President-elect Donald J. Trump’s election gained steam.
Cryptocurrency backers continue to bid up Bitcoin prices, pushing the digital token to a new high of about $82,000 on Monday.
The cryptocurrency has surged since Election Day, on investor hopes that President-elect Donald J. Trump and his appointees would be friendlier to the industry after the Biden administration’s aggressive enforcement of securities law that targeted several crypto companies.
Cryptocurrencies have become a major component of the so-called Trump trade.
Bitcoin exchange-traded funds, which got the regulatory green light to trade this year, have been booming over the past week. Crypto-related companies have also jumped in value: Riot Platforms, a Bitcoin miner, is up 40 percent since Election Day and Coinbase, a crypto exchange, is up 50 percent over the same period.
The industry poured millions of dollars into the election. Prominent crypto executives, including Tyler and Cameron Winklevoss, the founders of the Gemini crypto exchange, donated large sums to support Mr. Trump. A group of super PACs also raised well over $100 million to elect pro-crypto congressional candidates.
Just weeks before the election, Mr. Trump promoted a crypto venture, World Liberty Financial, in which several members of the Trump family have roles.
Source: Elections - nytimes.com
