Bitcoin surpasses $80,000 mark, driving crypto market surge

Bitcoin continues its upward trend, breaking past the $80,000 mark, influenced by the endorsement of U.S. President-elect Donald Trump and the increasing number of pro-crypto members in Congress.

On Sunday, Bitcoin rose by 4.8%, and by Monday, it saw an additional increase of over 3.7%.

Other cryptocurrencies saw gains, with memecoins – especially those endorsed by Elon Musk, a vocal Trump supporter – experiencing notable boosts. Dogecoin surged 26% on Sunday and held a 5.3% increase on Monday. Meanwhile, Shiba Inu rose by 27.4%, despite a slight dip.

On the other hand, Ethereum remained steady after the election, holding around the $3,200 range.

Bitcoin’s value has increased by over 91% since the beginning of the year, outpacing gains in the stock market. Data from Bloomberg reveals that BlackRock Inc.’s $35 billion iShares Bitcoin Trust ETFs recorded a net inflow of nearly $1.4 billion on Thursday, setting a record for daily inflows.

This followed an all-time high in trading volume for iShares ETFs the previous day.

Crypto markets respond to Trump’s promises amid SEC tensions

Bitcoin and Ethereum have seen gains of 18% and 32%, respectively, since the election. Trump has committed to positioning the United States as a leader in digital assets, pledging to establish a strategic Bitcoin reserve and ease cryptocurrency regulations.

Following the Republicans’ unexpected Senate majority, cryptocurrency markets have rallied, further supported by the Federal Reserve’s interest rate cuts.

Despite the optimism, Trump’s crypto-friendly policies face opposition from SEC Chair Gary Gensler.

Gensler has expressed concerns about widespread fraud and abuse in the crypto market, particularly after recent market collapses, including the 2022 crash and the high-profile bankruptcy of FTX led by Sam Bankman-Fried.