Today’s News
Bitcoin surged to an all-time high of over USD 81,000 on Monday, fueled by Donald Trump’s victory in the U.S. presidential election and the election of pro-crypto candidates to Congress, raising hopes for a more lenient regulatory approach toward digital assets.
Image Source: South China Morning Post
Bitcoin, the largest and most widely recognized cryptocurrency, has more than doubled from its lowest point of the year at USD 38,505, reached on January 23. During Asian trading hours, Bitcoin was priced at USD 80,829, after hitting a record peak of USD 81,464 earlier in the session.
Smaller cryptocurrency Ether also saw gains, climbing above USD 3,200 for the first time in over three months and last trading at USD 3,192.
The crypto industry invested over USD 119 million supporting pro-crypto candidates in the congressional races, hoping to secure a favorable legislative climate for digital assets. This strategy appeared successful, with several of these backed candidates winning, potentially creating a Congress ready to advocate for cryptocurrency.
“Bitcoin’s Trump-pump is alive and well,” said Matt Simpson, senior market analyst at City Index. “With Republicans on the brink of taking the House to confirm a red wave in Congress, it seems the crypto crowd is betting on digital-currency deregulation.” He added, however, “But this looks like blind optimism on their part, given Trump’s attention seems to be on deportation, pardons, and reversing Biden-era policies.”
Other News
ECB’s Holzmann Hints at December Rate Cut
European Central Bank’s Robert Holzmann suggested there is currently no reason to avoid a December rate cut and emphasized the decision will hinge on upcoming economic data.
U.S. Orders TSMC to Halt Chip Shipments to China
The U.S. ordered TSMC to stop supplying advanced AI chips to Chinese companies, including Huawei, amid concerns over export control enforcement and tech access restrictions.
Oil Falls as U.S. Storm Fades, China Stimulus Disappoints
Oil prices declined Monday as the U.S. storm threat eased and China’s modest stimulus dampened demand expectations, with Brent and WTI both down in early trading.
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