Bitcoin hits a new high as Trump’s election boosts the cryptocurrency market.

I woke up on Monday with news that Bitcoin has surpassed $82,000 for the first time in history. The rise is largely attributed to the market’s expectations of a rapid expansion of cryptocurrencies in light of a friendly regulatory environment after the election of Donald Trump as the president of the United States and many other Congress pro-cryptocurrency candidates.

The most popular and valuable coin in the world regained impressive growth, having risen from the year’s low of $38,505 success rising to $82,236 after previous pegging at a record high of $82,527. Digital assets are rapidly gaining support among the Republican party as Donald Trump presents himself an ardent supporter of digital assets and their potential growth in the economy.

The crypto sector also used approximately $119 million towards the support of crypto friendly congressional candidates, with most winning at the polls. In a recent Democratic primary in Ohio, Senate Banking Committee Chair Sherrod Brown lost to a crypto aficionado who won in Michigan and pro-cryptocurrency Republicans emerging victorious in West Virginia, Indiana, Alabama, and North Carolina. Investor confidence in Trump improved with the announcement of a crypto venture, World Liberty Financial, that he will be launching in September.

Next month, Eric Trump, The Trump Organization executive vice president and the son of the president-elect will keynote a bitcoin conference in Abu Dhabi. According to Marion Laboure, a research analyst at Deutsche Bank, the expected Trump presidency will cause faster regulatory developments, more institutional involvement, better institutional infrastructure, and greater general acceptance.

Cryptocurrency exchange-traded funds (ETFs) have begun to draw significant inflows following Trump’s election. On Thursday, bitcoin ETFs took in a record net inflow of $1.38 billion over the previous week, on November 7. Gains in cryptocurrencies have been widespread, with Ether briefly climbing above $3,200 for the first time ever

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