Bitcoin rises to record high of $82,400 as Trump's election win turbocharges cryptos

Bitcoin soared to a record high above $82,000 on Monday on expectations that cryptocurrencies will boom in a favourable regulatory environment following the election of Donald Trump as U.S. president and of pro-crypto candidates to Congress.

The world's biggest and best-known cryptocurrency, has now more than doubled from the year's low of $38,505 and was last at $81,991, having earlier touched a record high of $82,413.

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

While Simpson warned that Trump's near-term priorities are likely to lie elsewhere, crypto investors see an end to stepped-up scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will fire.

The cryptocurrency industry spent more than $119 million backing pro-crypto congressional candidates, many of whom won their races.