Bitcoin briefly zooms past unprecedented high of $80,000

Bitcoin hit an unprecedented record high on Sunday, as the world’s largest cryptocurrency briefly zooms past $80,000 on clearer prospects of the US government featuring pro-crypto lawmakers.

The digital asset spiked as much as 4.7 per cent to an $80,092 on Sunday. It reached $75,000 on Wednesday, topping its previous all-time peak of $73,797.98 achieved in March.

Bitcoin has added about 91% so far in 2024, helped by robust demand for dedicated US exchange-traded funds and interest-rate cuts by the Federal Reserve. The rise in the largest digital token, which scaled fresh records after the US vote, exceeds the returns from investments such as stocks and gold.

Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission Chair Gary Gensler repeatedly labeled the sector as rife with fraud and misconduct. The agency turned the screws on crypto following a 2022 market rout and a litany of collapses, notably the bankruptcy of Sam Bankman-Fried’s fraudulent FTX exchange.

Digital-asset companies and executives spent heavily during the US election campaign to promote candidates viewed as favorable toward their interests.