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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Bitcoin on cusp of US$80,000 for first time on optimism over Trump</h1><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Sun, Nov 10, 2024 · 05:34 PM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full 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tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-ml-[2.75rem] min-[1040px]:-left-4 left-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M11.354%201.646a.5.5%200%200%201%200%20.708L5.707%208l5.647%205.646a.5.5%200%200%201-.708.708l-6-6a.5.5%200%200%201%200-.708l6-6a.5.5%200%200%201%20.708%200z'/%3e%3c/svg%3e" width="18" height="18"/></div></button><button class="splide__arrow splide__arrow--next flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Trump vowed to put the US at the centre of the digital-asset industry, including creating a strategic Bitcoin stockpile and appointing regulators enamoured with digital assets. PHOTO: REUTERS</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">BITCOIN is closing in on US$80,000 for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The cryptocurrency climbed as much as 4.3 per cent to an unprecedented US$79,771 on Sunday (Nov 10) and remained near US$79,000 as at 2.05 pm in Singapore. Smaller tokens such as Cardano and meme-crowd favourite Dogecoin also rallied.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Trump vowed on the campaign trail to put the US at the centre of the digital-asset industry, including creating a strategic Bitcoin stockpile and appointing regulators enamoured with digital assets. He emerged from Tuesday’s election in a stronger position than expected – his Republican Party has control of the Senate and is on the verge of holding a narrow majority in the House.</p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros.</p><h2 class="mb-4 md:mb-6 text-[21px] md:text-4xl -tracking-5% font-lucida font-bold" data-story-element="sub_head" data-testid="sub-heading-component">ETFs, Fed</h2><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Bitcoin has added about 90 per cent so far in 2024, helped by robust demand for dedicated US exchange-traded funds (ETFs) 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.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The ETFs, powered by BlackRock’s US$35 billion iShares Bitcoin Trust, posted a record daily net inflow of almost US$1.4 billion on Thursday, according to data compiled by Bloomberg. A day earlier, the iShares ETF’s trading volume jumped to an all-time peak – all signs of how Trump’s victory is reshaping crypto.</p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5318992" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/wall-street-bets-new-riches-ahead-markets-all-trump" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/aa28a4ec20d6361cc625dc55b6287e9f1f3f94c4698501fde80f8f8e15c0522a?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/aa28a4ec20d6361cc625dc55b6287e9f1f3f94c4698501fde80f8f8e15c0522a?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/aa28a4ec20d6361cc625dc55b6287e9f1f3f94c4698501fde80f8f8e15c0522a?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/aa28a4ec20d6361cc625dc55b6287e9f1f3f94c4698501fde80f8f8e15c0522a?q=20&w=3&h=2&f=webp" loading="lazy" alt="Wall Street is now falling over itself to predict how far the everything-boom goes." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5318992"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Wall Street bets on new riches ahead in markets all-in on Trump" href="/companies-markets/wall-street-bets-new-riches-ahead-markets-all-trump" target="_blank">Wall Street bets on new riches ahead in markets all-in on Trump</a></h3></div></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission chair Gary Gensler repeatedly labelled 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.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Digital-asset companies and executives spent heavily during the US election campaign to promote candidates viewed as favourable toward their interests.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter. <!-- -->BLOOMBERG</p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 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