Bitcoin breaches $80,000; inches closer to $81,000

WEB DESK: The cryptocurrency Bitcoin has surpassed 80,000 points in a historic first, as the cryto traders are hedging hopes of Trump’s presidency to favour the cryptocurrency market. The benchmark for all cryptocurrencies – Bitcoin – has been on a rally since the announcement of Donald Trump’s victory on Tuesday.

On Wednesday, Bitcoin climbed to $75,000 – first hike of this sort since touching an all-time high of $73,797.98 in March 2024.

On Sunday, shortly before midnight, Pakistan Time (GMT+5), the digital coin was trading around $80,900.

The Republican president has pledged to make United States the “capital of bitcoin and cryptocurrency” – a stark contrast from his first term as president. Earlier in September, he had also announced plans to launch a digital currency platform ‘World Liberty Financial’, Mint reported.

In addition to Bitcoin, smaller coins also experienced a rally, including Ethereum and dogecoin.

Market analysts also expect a friendlier regulatory approach by the new government, especially since some of the most ardent supporters of Trump, including Elon Musk, are renowned for their cryptocurrency interests.

Moreover, Trump himself now holds stake in the virtual currency, and became the first-ever former president of the Untied States to make a purchase with Bitcoin, when he used the digital coin to buy burgers at a New York City restaurant.

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