NEW YORK - The price of the cryptocurrency Bitcoin on Sunday surpassed the US$80,000 threshold for the first time on the Bitstamp platform, reported German news agency (dpa).
The oldest and best-known cryptocurrency climbed by over four per cent compared to the previous day, reaching up to US$80,047.
In the past seven days, the leading cryptocurrency has gained more than 17 per cent in value. Other cryptocurrencies like Ether or Solana have risen even more sharply.
Analysts attribute the steady increase to new political landscape in the United States following Donald Trump's election victory. The former and future US president was backed by most of the crypto community during the election campaign.
Trump had been very negative about Bitcoin during his first term in office, from 2017 to 2021, but actively courted the crypto community in this year's re-election campaign.
At a major Bitcoin conference in Nashville, Tennessee, Trump promised to keep the crypto market largely unregulated and ensure cheap electricity for the mining of new Bitcoins. - BERNAMA-dpa