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Bitcoin broke a record today, rising above $86,000, as cryptocurrency markets surged in anticipation of a favorable regulatory environment following Donald Trump’s election as US president.
With pro-crypto candidates gaining seats in Congress, investors are expecting a friendlier stance toward digital assets in the coming years. Bitcoin, the world’s largest cryptocurrency, has reached $85,000, more than doubling from its yearly low of $38,505.
Trump campaigned on promises to establish the U.S. as the “crypto capital of the planet” and has outlined plans to create a national Bitcoin reserve, sending positive signals to crypto investors. “Bitcoin’s Trump pump is alive and well,” said Matt Simpson, senior market analyst at City Index, adding that a potential Republican-controlled Congress is fueling expectations for crypto deregulation.
A central point for investors is Trump’s promise to fire SEC Chairman Gary Gensler, during whose tenure regulatory scrutiny of cryptocurrencies has increased. The industry has long sought clarity, and Trump’s election is seen as a potential turning point toward deregulation.
In the last election cycle, the crypto industry spent over $119 million supporting pro-crypto candidates, many of whom won key races. In Ohio, Senate Banking Committee Chairman Sherrod Brown, known for his hardline stance on crypto, was ousted. Bipartisan pro-crypto candidates won in Michigan, West Virginia, Indiana, Alabama, and North Carolina.
The crypto-friendly environment has been supported by big names like Trump ally and billionaire Elon Musk, who is a proponent of digital assets. In addition, Trump Organization vice chairman Eric Trump is set to speak at a Bitcoin conference in Abu Dhabi next month, signaling the Trump family’s involvement in the industry.
Deutsche Bank research analyst Marion Laboure noted that a Trump administration could lead to faster regulatory clarity, stronger institutional involvement, and increased mainstream adoption of crypto. “Trump’s pragmatic approach marks a clear departure from recent regulatory restrictions,” Laboure said.
Optimism surrounding Trump’s victory has also led to a surge in cryptocurrency-related ETFs. Data from Citigroup showed that Bitcoin ETFs saw record inflows of $1.38 billion on Nov. 7, suggesting growing institutional interest. “ETF inflows have been the dominant driver of Bitcoin returns, and we expect this trend to continue in the near term,” Citigroup analysts wrote.
Deutsche Bank’s Laboure, while evaluating the Fed’s interest rate cuts, stated that such moves could further strengthen the crypto market by providing a supportive economic backdrop.
*This is not investment advice.