Bitcoin Hits Record High of $82,471 Following Trump’s Presidential Victory

The price of Bitcoin has surged to a new all-time high, reaching $82,471 on Monday, driven by the election of Donald Trump as the President of the United States. This significant milestone follows a rally that saw Bitcoin’s price increase by almost 17% in the previous week.

The crypto market’s optimism is largely attributed to Trump’s pro-crypto stance during his campaign. Trump had vowed to make America the “crypto capital of the world” and promised more crypto-friendly policies, which has led traders to bet on softer regulatory oversight from the Securities and Exchange Commission (SEC).

Institutional interest in Bitcoin has also seen a notable boost, with US spot Bitcoin Exchange Traded Funds (ETFs) experiencing inflows of $1.61 billion last week. This includes a record $1.38 billion inflow into Bitcoin ETFs, with Blockrock’s iShares Bitcoin Trust commanding a significant portion of these inflows.

Additionally, the broader crypto market has seen significant gains, with Dogecoin surging to a three-year high of $0.280991, largely due to speculation about Elon Musk‘s potential involvement in the Trump administration.

Historically, November has been a strong month for Bitcoin, with an average gain of 44.24%, the highest monthly average of the year. However, technical analysis suggests a potential short-term correction after the recent consecutive daily gains.