Bitcoin passed the $80,000 mark for the first time on Sunday, boosted by the newly elected president Donald Trump‘s embrace of digital assets and the prospect of a Congress with pro-crypto lawmakers.

Trump was declared the winner in Arizona, sweeping the seven US battleground states. His decisive victory in the US presidential election has prompted celebratory chest-thumping from the crypto industry, which has spent more than $100 million backing a range of crypto-friendly candidates in the US elections.