Bitcoin Surpasses $80,000 for the First Time Ever Due to the 'Trump Effect'

Trump's Return to Power Promises Cryptocurrency Regulation Easing
Ethereum and Solana Also Rise

Bitcoin surpassed $80,000 for the first time ever, boosted by the effect of Donald Trump being elected as the President of the United States.

According to Coinbase on the 10th (local time), as of 8:25 a.m. Eastern Time, Bitcoin was trading at $79,775, up 4.48% from the previous trading day. During the session, it rose as much as 4.7% to $80,092, surpassing $80,000 for the first time in history.

Bitcoin broke through the $75,000 mark for the first time on the 6th, when Trump’s victory was confirmed, setting a new high in about seven months. It then surpassed $80,000 again just four days later, setting a new all-time high.

Other cryptocurrencies such as Ethereum rose 5.22%, and Solana increased by 3.41%.

Cryptocurrencies including Bitcoin are representative assets of the "Trump Trade," where money flows into investment destinations expected to benefit from Trump’s victory. Earlier, during his candidacy, Trump dismissed Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), who held a negative stance on cryptocurrencies, and announced plans to make the United States the capital of cryptocurrency, signaling a crypto-friendly policy.