Bitcoin Reaches $80,000 for the First Time in History!

Bitcoin broke through $80,000 for the first time, helped by Trump's support for digital currencies and the prospect of Congressional support for cryptocurrencies.

 

Just now Bitcoin surpassed the $80,000 per coin mark for the first time in history, with a daily increase of 4.7% at one point, and the price reached an unprecedented $80,092.

 

 

 

Trump previously declared during his campaign that he would make the United States the center of the digital asset industry, including establishing a strategic Bitcoin reserve and appointing regulators who are keen on digital assets.

 

As for Congress, the Republicans currently control the Senate and are about to gain a slim majority in the House of Representatives. The full support of the House and Senate makes it much more likely that Trump's bill supporting cryptocurrencies will pass.

 

Le Shi, managing director of digital currency market maker Auro, said:

"With Trump's victory, it's only a matter of time before Bitcoin rises, and that's what we're seeing now."

 

Trump's stance contrasts sharply with Biden's crackdown on digital assets.

 

Gary Gensler, chairman of the U.S. Securities and Exchange Commission, has repeatedly denounced the industry as rife with fraud and misconduct. After the market crash in 2022 and a series of closures (especially the bankruptcy of FTX Exchange), the SEC has stepped up its regulation of cryptocurrencies.

 

Thanks to strong demand for U.S. Bitcoin ETFs and the Federal Reserve's interest rate cuts, Bitcoin has risen about 91% from its lows this year. After Trump's victory, Bitcoin hit a new high, with gains exceeding returns on investments such as stocks and gold.

 

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