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Bitcoin rises above US$81,000 as token becomes totem for Trump era

Bloomberg
Bloomberg • 3 min read
Bitcoin rises above US$81,000 as token becomes totem for Trump era
Digital asset companies spent heavily during the election campaign to boost candidates viewed as favourable to their interests. Against that backdrop, Trump did an about-face, becoming a supporter of an industry he once labelled a scam. Photo: Bloomberg
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Bitcoin rallied past US$81,000 ($107,595.54) for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.

Trump was declared the winner in Arizona, marking a clean sweep of the seven US battleground states. His decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over US$100 million backing a range of crypto-friendly candidates.

The largest token climbed as much as 6.1% on Sunday and extended gains to hit an unprecedented US$81,891 on Monday, before changing hands at US$81,550 as of 5.10am in London. Bullish sentiment lifted smaller coins too, including Dogecoin, a meme-crowd favorite promoted by Trump supporter Elon Musk.

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