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Bitcoin reached $80,000 for the first time as Donald Trump scored victories in Nevada and Arizona in the US elections, marking a clean sweep through the seven swing states for the president-elect and paving the way for a more pro-crypto administration.

According to data from LSEG, the cryptocurrency rose as much as 4.5 percent on Sunday, extending the rally following Trump’s decisive victory in the presidential election earlier this week.

This move has given other cryptocurrencies a boost. Ethereum, the world’s second-largest token after Bitcoin, rose 8.9 percent to reach $3,200 per coin for the first time since August, while Solana rose 4.5 percent.

Although the final outcome for the House of Representatives has not yet been confirmed, Republicans are poised to take power, which “would allow the new administration to push through supportive policies for digital assets shortly after taking office ,” said a note from Standard. Chartered.

“We would look for several positives for the asset class early in the administration: regulatory changes. . . and changes at the Securities and Exchange Commission that would lead to softer regulation of digital assets,” Geoff Kendrick, the bank’s head of digital assets research, said on Friday.

“Bitcoin, one of the riskiest assets, is having its moment in the sun,” said Eswar Prasad, an economics professor at Cornell University. “The regulatory clouds are lifting. Financial conditions are loosening and the US macroeconomic outlook remains bright.”

The crypto industry has hailed Trump’s election as a victory for digital currencies, as executives anticipate a shift in policies and attitudes from US regulators after a Democratic administration seen as more hostile to the alternative assets. Bitcoin rose to a previous record high of more than $75,000 on Wednesday as it emerged that Trump had won the White House.

The rising valuations come as investors hope the Trump White House will set an agenda that will unleash a wave of interest from major US institutions that have so far been on the sidelines of the market.

Trump highlighted the merits of Bitcoin during his campaign and even promoted a new venture created by some of his old business partners and backed by his sons. Trump’s positive comments about the currency come despite him calling it a “scam” against the US dollar during his previous presidency.

Richard Teng, the CEO of crypto exchange Binance, which was hit with a $4.3 billion fine last year for money laundering and sanctions violations while its previous boss was jailed, has hailed Trump’s victory as the start of a “golden age”.

Brian Armstrong, CEO of cryptocurrency exchange Coinbase, said: “America is on a path to economic freedom.”

“The oppressive headwinds that have hampered the industry’s progress and fattened its legal bills over the past four years have abated,” Alex Thorn, head of research at crypto-financial services firm Galaxy Digital, said in a note.

“Trump’s inner circle is extremely supportive of digital assets. . . “The pro-crypto nature of his team, family and donors increases the likelihood that Trump will deliver on his campaign promises to the industry,” he added.

David Yermack, a professor of finance at New York University’s Stern School of Business, tempered optimism about how important Trump’s victory will ultimately be for Bitcoin and the broader crypto industry.

“Trump made some wild promises during his campaign. But when you actually hear him talk about digital currency, he has no idea what it is,” he said.

“I think almost any new administration, even if Harris had won, would have regulated this space in a more intelligent way than you’ve seen so far.”