LONDON/NEW YORK: Bitcoin hit a record above $87,000 on Monday in a meteoric rally amid expectations that cryptocurrencies will thrive in a light regulatory environment after the election from Donald Trump to the presidency of the United States and pro-crypto candidates for Congress.

The world’s largest and best-known cryptocurrency more than doubled from the year’s low of $38,505 and was last at $87,079, up almost 9%. compared to Sunday evening, after reaching a record $87,460.

U.S.-listed cryptocurrency stocks also jumped, with cryptocurrency exchange Coinbase Global jumping 22 percent and iShares Bitcoin Trust 13 percent.

Crypto miner Riot Platforms jumped 19 percent, while MicroStrategy, one of Bitcoin’s largest corporate backers, gained nearly 24 percent.

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and amass a national stockpile of bitcoin.

“The outcome of the 2024 US election is a moment of rebirth for the crypto industry,” Jeff Dorman, chief investment officer and co-founder of asset manager Arca, said in a research note.

“Crypto events of this magnitude are rare. When they occur, they immediately expand the world’s collective view of the potential of the crypto movement and where this technology will take the world in the future.”

Short sellers of cryptocurrency and blockchain-related stocks have suffered heavy losses since November 6, after bitcoin hit record highs. Combined short-selling losses at Coinbase, crypto miners Riot Platforms and MARA Holdings, as well as blockchain farm operator Bitfarms totaled approximately $1.2 billion as of the November 8 close.

END OF CRYPTO CONTROL

Crypto investors are seeing an end to increased scrutiny from U.S. Securities and Exchange Commission Chairman Gary Gensler, whom Trump announced he would replace.

The cryptocurrency industry has spent more than $119 million supporting pro-crypto candidates for Congress, many of whom won their elections.

In Ohio, one of the crypto industry’s biggest enemies in Congress – Senate Banking Committee Chairman Sherrod Brown – was ousted, while pro-crypto candidates from both the Democratic and Republican parties were ousted. won in Michigan, West Virginia, Indiana, Alabama and North Carolina.

Trump also unveiled a new crypto company, World Liberty Financial, in September. Although details about the company are scarce, investors have taken his personal interest in the sector as a bullish signal.

Billionaire Elon Musk, a major Trump ally, is also a supporter of cryptocurrencies.

Eric Trump, one of the president-elect’s sons and executive vice president of his private conglomerate, the Trump Organization, will be a keynote speaker at a Bitcoin conference in Abu Dhabi next month, according to organizers of the event.

“The new Trump administration could lead to accelerated regulatory clarification, increased institutional participation, improved market infrastructure and broader adoption by the general public,” said Marion Labore, research analyst at Deutsche Bank.

“Trump’s pragmatic approach marks a clear departure from recent regulatory restrictions.”

Flows into cryptocurrency exchange-traded funds have also increased since Trump’s election victory. On Thursday, November 7, Bitcoin ETFs saw their largest inflows on record, with a net $1.38 billion, according to Citigroup data.

The gains in cryptocurrencies have been considerable. Ether hit a more than three-month high above $3,350.70 and was last at $3,318.42, up 4.6 percent. Dogecoin, an alternative cryptocurrency that began as a satirical critique of the crypto frenzy of 2013, was at its highest level in three years.

“Bitcoin will rise much more by the end of 2025,” Anthony Pompliano, founder and CEO of Professional Capital Management, said Monday. “It’s hard to find a compelling argument to be bearish or reserved at this point in time.”

Pompliano has been a major investor in the crypto space over the past few years.