• Source:JND
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Bitcoin surged 4.3 per cent to reach USD 80,000 (Rs 6,640,000) on Sunday, coming close to the 79,000 mark by 2:05 pm (12 pm IST) in Singapore, according to a Bloomberg report.

This sharp increase is being attributed to US President-elect Donald Trump’s favourable stance on digital assets and the potential influence of pro-crypto lawmakers in Congress.

Trump promised to position the US as a leader in the digital-asset industry, including building a Bitcoin stockpile and appointing pro-crypto regulators. After Tuesday’s election, he is in a stronger position than anticipated, with his Republican Party controlling the Senate and nearing a majority in the House.

Bitcoin has gained nearly 90 per cent in 2024, driven by strong demand for US exchange-traded funds and Federal Reserve interest rate cuts. Its surge, reaching new highs post-US elections, has outpaced returns from stocks and gold.

Bitcoin Surges 65.4% Since January Low As Trump Promises To Make US 'The Crypto Capital'

Bitcoin (BTC) rose 4 per cent, extending its 7-day gains to over 16 per cent, following Donald Trump's election and a 25 basis point rate cut by the Federal Reserve, both seen as positive by traders. Meanwhile, Dogecoin (DOGE) and Solana (SOL) experienced over USD 25 million (Rs 207.5 crores) in liquidations, indicating higher futures trading activity in tokens beyond BTC and ETH.

Trump's support for cryptocurrency contrasts with President Joe Biden's crackdown on digital assets. Bitcoin has risen 65.4 per cent from its low of USD 38,505 on January 23. Meanwhile, Trump has pledged to make the United States ‘the crypto capital of the planet’.