Bitcoin on Sunday hit a new record above $80,000. The world’s largest cryptocurrency surged in the run-up to Tuesday’s US presidential election, rose sharply immediately on election night after it became clear Donald Trump would win and has continued rising in the days since his victory.

DreyfussSINGAPORE/LONDON/NEW YORK (Reuters) -Bitcoin surged to a record high just shy of $85,000 on Monday on expectations that cryptocurrencies will thrive in a light-touch regulatory environment following the election of Donald Trump as U.

Trump’s current stance on crypto is a major departure from his last term as president. In the summer of 2019, Trump criticized cryptocurrency on social media, claiming it could be used to facilitate illegal activities. And during his presidency, the Trump administration’s regulatory actions included the SEC’s controversial lawsuit against Ripple.

Many of the Democrats and Republicans backed by a trio of new crypto super PACs won their races Tuesday, illustrating the industry’s political ascendance.

Bitcoin hit a record high as investors cheered Trump's election victory on Wednesday. Crypto players are hopeful that Trump's presidency will boost digital assets. Other Trump trades, including bank shares and Tesla stock, also rallied in Wednesday trading.

Bitcoin has hit $80,000 for the first time as Donald Trump recorded victories in Nevada and Arizona in the US election, marking a clean sweep of the seven swing states for the president-elect and paving the way for a more pro-crypto administration.

Bitcoin soared to a record high above $82,000 on Monday on expectations that cryptocurrencies will boom in a favourable regulatory environment following the election of Donald Trump as U.S. president and of pro-crypto candidates to Congress.

Cryptocurrencies extended their rally on Sunday, with bitcoin touching $80,000 for the first time ever. The price of the flagship cryptocurrency was last higher by 4.5% at $79,800.19, according to Coin Metrics.