It's now over $80,000: how the US election sent the price of Bitcoin soaring

Sylvie Claire / November 12, 2024

Bitcoin surpassed $80,000 on Sunday for the first time in its history, boosted by the prospect of a regulatory easing favorable to digital currencies that could be put in place with Donald Trump's return to the White House.

The leading digital currency by capitalization exceeded this threshold at around 12:00 GMT, reaching a high of $80,116, before dropping back slightly. It had reached the $75,000 mark on Thursday, surpassing its record high of last March.

Bitcoin is quoted continuously, including on Sundays. Since the results of the US presidential election, its price has soared in unison with the dollar.

Indeed, Donald Trump pledged during his election campaign to make the United States “the bitcoin and cryptocurrency capital of the world”.

Memecoins, highly volatile parodic digital currencies, are also experiencing a boost, like the dogecoin promoted by billionaire Elon Musk, a fervent supporter of Donald Trump.

By posing as the champion of crypto-currencies, Donald Trump has taken the opposite tack from the Biden administration, seen as a supporter of strict regulation of a controversial sector that largely escapes institutional control.

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It's now over $80,000: how the US election sent the price of Bitcoin soaring

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