Bitcoin surpasses $80,000 as Trump wins election and supports digital assets

Bitcoin surpassed $80,000 for the first time on Sunday, driven by President-elect Donald Trump's support for digital assets and a Congress likely to favor crypto legislation. This marks a significant increase in Bitcoin's value following the recent U.S. presidential election. Trump's victory in Arizona and other battleground states has energized the crypto industry, which invested heavily in pro-crypto candidates. Bitcoin rose as much as 4.7% to $80,092 before settling around $79,700. In 2024, Bitcoin has gained about 91%, aided by strong demand for U.S. exchange-traded funds and interest rate cuts. The iShares Bitcoin Trust saw record inflows, reflecting the impact of Trump's election on the cryptocurrency market.