Bitcoin soars near $80,000 as Donald Trump set to return to White House as President.
Bitcoin has surged to a record high of nearly $80,000 due to US President-elect Donald Trump’s support of digital assets and the possibility of pro-crypto lawmakers in Congress.
The cryptocurrency soared 4.3 per cent to $79,876 on Sunday and reached nearly $79,000 at 2:05 pm in Singapore, according to a Bloomberg report. Smaller tokens such as Cardano and Dogecoin also climbed.
Donald Trump, during his election campaign, assured to put the US at the focus of the digital asset industry. This will include creating a Bitcoin stockpile and appointing related regulators.
In 2024, Bitcoin has increased by about 90 per cent, boosted by robust demand for US exchange-traded funds (ETF) and the key rate cuts by the Federal Reserve, the report added. This exceeds the returns from investments such as stocks and gold.