Bitcoin hits new high on hopes White House will be pro-crypto under Donald Trump

The new White House administration is expected to loosen regulation on cryptocurrencies. Photo: Getty

Ankur Banerjee and Samuel Indyk

Bitcoin surged to a record high just shy of $85,000 (€80,000) on Monday on expectations that cryptocurrencies will thrive in a light-touch regulatory environment following the election of Donald Trump as US president and of pro-crypto candidates to Congress.

The world’s biggest and best-known cryptocurrency has more than doubled from the year’s low of $38,505 and was last at $84,551, up 5.8pc from late on Sunday, having earlier touched a ­record high of $84,985.