The token climbed to an unprecedented US$81,497 early in the Asian day on Monday

Bitcoin rallied past US$81,000 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.

Trump’s decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over US$100 million backing a range of crypto-friendly candidates.

The largest token climbed as much as 6.1 per cent on Sunday, before extending the gain to an unprecedented US$81,497 early in the Asian day on Monday. Bullish sentiment lifted smaller coins too, including a surge in Dogecoin, a meme-crowd favourite promoted by Trump supporter Elon Musk.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

“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.

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. Jubilant traders for the moment are paying little heed to questions such as the speed of likely implementation or whether a strategic stockpile is a realistic possibility.

His broader agenda of stoking domestic economic growth, tax cuts and reducing red tape has fuelled a buying spree across stocks, credit and crypto. The S&P 500 stock index last week hit its 50th record this year.

Bitcoin has added about 92 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 token, which scaled fresh records after Tuesday’s US vote, exceeds the returns from investments such as stocks and gold.

The ETFs, powered by BlackRock’s $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.

Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission Chairman Gary Genslerrepeatedly 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.

Digital-asset companies spent heavily during the election campaign to boost candidates viewed as favourable to their interests. Against that backdrop, Trump did an about-face, becoming a supporter of an industry he once labelled a scam.

“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.

More Articles from SCMP

Hong Kong tycoons should take lead in reinventing city, senior Beijing official says

US women’s sex strike at Trump more farcical than Aristophanes

One of Beijing’s top ‘financial minds’ set to join Hong Kong liaison office: sources

Your perfect week: what to do in Hong Kong from November 10 to 16

This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.

Philippine hotel named world’s largest chicken-shaped building by Guinness World Records

A hotel in the Philippines has been recognized by Guinness World Records as the largest chicken-shaped building in the world.

PRESS RELEASE

ACCOUNTABILITY: IGP SPEAKS TOUGH ON ALLEGED EXTORTIONS, ORDERS STRINGENT PUNISHMENT FOR CORRUPT OFFICERS.

Reschedules workshop on Child Protection, Care for Monday 11th.

The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM., has condemned alleged extortions by some officers of the force in some areas within the country, most especially the extant case involving the officers of the Zone 16 Zonal Headquarters, Yenegoa, identified as ASP Emmanuel Ubong, Inspector Nse Okon, Inspector Adiewere Collins, and Inspector Kuromare Marine.

The officers were alleged of extorting the sum of Ten Million Naira from a group of young Nigerians. The money has been recovered through the efforts of the new Assistant Inspector-General of Police in charge of Zone 16, and the Officers have since been detained and subjected to orderly room trial.

The Nigeria Police Force, under the leadership of IGP Egbetokun, maintains a zero-tolerance policy for any act of corruption and police misconduct, as the Force takes every allegation of extortion and abuse of power extremely seriously.

The IGP has however reassured the general public that the force will continue to investigate all allegations levelled against erring officers of the Force thoroughly. In pursuit of restorative justice, the Inspector-General of Police has mandated severe consequences for any officer, no matter how highly ranked, found culpable, acting as a deterrent to those who may seek to compromise the integrity of the Force.

The IGP further urges members of the public to make use of the following Police helpline & contacts to lay complaints whenever necessary: +2347056792065, +2349133333785, +2349133333786, @PoliceNG on X, @ngpolice on Facebook, and @nigeriapoliceforce on Instagram. Citizens can also contact us by mail via pressforabuja@police.gov.ng and through the police website at www.npf.gov.ng..

Similarly, to guarantee that officers within the Force receive adequate training in child care and protection and in effective investigations considerate of vulnerable individuals, most especially children in conflict with the law, the IGP has rescheduled the workshop with all Heads of Police investigative units to take place on Monday, November 11, 2024.

The workshop will not only focus on enhancing technical capabilities but also emphasize the essential ethical principles when dealing with sensitive cases in order to have a child-friendly police system in Nigeria. By emphasizing compassion, transparency, and adherence to modern investigation techniques, the Nigeria Police Force aims to foster a culture of professionalism and accountability among its personnel, thereby strengthening public trust and confidence in the organization.

ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI,
FORCE PUBLIC RELATIONS OFFICER,
FORCE HEADQUARTERS,
ABUJA.

8TH NOVEMBER, 2024