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Bitcoin hit the $81,000 mark first time in history in the early morning, at around 7 am, on Monday. Soon after, it surpassed the $81,500 mark to touch its record high of $81,801.
Bitcoin reached a historic $1.6 trillion market capitalisation.
The price of Bitcoin on Monday touched its fresh all-time high of $81,800 (nearly Rs 69 lakh) amid renewed market optimism driven by strong fundamentals and recent US election results that hint at pro-crypto policies ahead. The world’s largest cryptocurrency reached a historic $1.6 trillion market capitalisation.
Bitcoin hit the $81,000 mark first time in history in the early morning, at around 7 am, on Monday. Soon after, it surpassed the $81,500 mark to touch its record high of $81,801.
“This achievement underscores Bitcoin’s resilience and appeal as a hedge against traditional market volatility. Increased institutional interest, facilitated by Bitcoin ETFs and evolving regulatory clarity, continues to solidify Bitcoin’s role as ‘digital gold’,” said Sumit Gupta, co-founder, CoinDCX.
He added that if regulatory frameworks become more favourable, Bitcoin could see even broader institutional adoption, potentially marking the end of the crypto winter and fostering a stronger digital asset ecosystem.
“The $100,000 mark is indeed the next major psychological milestone for Bitcoin, and reaching it could be fueled by further institutional inflows, ETF expansion, and supportive regulatory shifts. This momentum, combined with Bitcoin’s unique fundamentals of scarcity, decentralisation, and institutional acceptance, makes it a compelling asset in diversified portfolios,” Gupta added.
Why Are Cryptos Rising After Trump’s Victory?
Bitcoin is the world’s largest cryptocurrency that skyrocketed in the run-up to US presidential election, rose sharply immediately on election night after it became clear Donald Trump would win and has continued rising in the days since his victory.
The crypto industry believes Trump’s victory is a bullish sign for bitcoin and other digital currencies. In August 2024, he said cryptocurrencies could “define the future”. The president-elect also proposed a strategic national bitcoin stockpile, akin to America’s strategic petroleum reserve, directly purchasing and investing in cryptocurrencies as a national security measure.
Elon Musk, one of Trump’s most visible and ardent supporters, is also a crypto bull. Musk’s favourite coin, Dogecoin, surged more than 20 per cent on Sunday and had been soaring all last week.
However, the Biden administration sought to rein in crypto.
Although Trump was once a bitcoin skeptic, he has changed his tone know to support it. In September, Trump and his children started a new crypto business called World Liberty Financial.
“It’s very young and very growing,” Trump said of the cryptocurrency industry on September 16 while unveiling World Liberty Financial. “I do believe in it.”
In India, in the Union Budget 2022, India introduced a 30 per cent tax on income from the transfer of cryptocurrencies and other virtual digital assets (VDAs). Additionally, a 1 per cent TDS is applied on on the sale of crypto assets more than Rs 50,000 (Rs 10,000 in certain cases) within a single financial year.
