Why is Bitcoin continuously setting records?

The price of Bitcoin has been reaching new highs since Donald Trump was elected President of the United States and announced plans to develop the cryptocurrency market, leading to increased investor enthusiasm.

After surging to 80,000 USD per coin on the evening of November 10 (Hanoi time), Bitcoin (BTC) set another new record this morning with over 81,858 USD. Since Donald Trump was confirmed as the winning candidate in the race for the White House, BTC has established a new price level every day.

From the price range around 69,000 USD per coin previously to the peak this morning, the world's largest cryptocurrency has increased by about 12,700 USD, or nearly 18.5%, in less than a week.

Trump's victory is seen as the main driving force behind this new price surge. Forbes suggests that this is not baseless confidence, as the cryptocurrency industry was the largest "donor" in this year's election cycle. A report from the progressive consumer advocacy group Public Citizen shows that contributions from this industry accounted for 44% of the total money from business groups, as of August. Most of the funds were funneled through political action committees (PACs) that specifically support candidates who favor cryptocurrencies.

The PACs are primarily funded by cryptocurrency companies such as Coinbase and Ripple, which have spent a total of 135 million USD to support candidates friendly to the industry in federal races, according to The New York Times. This investment seems to have paid off, as of November 10, 268 cryptocurrency-supporting candidates have been elected to the House of Representatives and 19 candidates to the Senate, according to the nonprofit Stand With Crypto.

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