Bitcoin hit a record high of $81,858 on Sunday, rising by almost 18.5% from the previous week and settling at around $81,500 on Monday. The increase in value is attributed to President-elect Donald Trump's pledge to support the industry and the success of pro-crypto candidates in down-ballot races. Ethereum and Dogecoin have also experienced price surges, as have shares of Coinbase, Robinhood Markets, and Microstrategy. Trump's expected crypto-friendly policies following the Republican's control of the Senate and potential majority in the House are also contributing to the post-election boost.
Former President Trump has changed his stance on the crypto industry, now embracing it as a counter to the Securities and Exchange Commission's stricter regulatory approach under President Biden. He has promised to make the US the "crypto capital of the planet" and has vowed to keep all bitcoin held or acquired by the government. Trump has also invested in digital currency, with his joint fundraising committee accepting donations via Coinbase and launching his own family cryptocurrency platform. The crypto industry was the largest corporate donor in the 2024 election cycle, with donations accounting for 44% of all corporate money contributed.
