The price of Bitcoin has surged past $80,000 for the first time in history following Donald Trump's election victory, indicating a significant market reaction to his crypto-friendly policies.
Trump pledged to establish the US as 'the crypto capital of the planet', which, along with his proposed strategic Bitcoin stockpile, has excited investors and boosted crypto values.
With Trump's election, the promise of appointing pro-crypto regulatory figures and reducing taxes has energized markets, leading to an overall upturn in major stock indexes and cryptocurrencies.
The anticipated sacking of SEC chair Gary Gensler, known for his strict stance on cryptocurrencies, is seen as a significant shift that could benefit the crypto market under Trump's administration.
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