Bitcoin soared to a record high above $81,000 on Monday on expectations that cryptocurrencies will thrive in a favourable regulatory environment following the election of Donald Trump as the next US president and the prospect of a Congress featuring pro-crypto lawmakers.
The world’s biggest cryptocurrency has now more than doubled from the year’s low of $38,505 and was trading at $81,224 at 9.20am UAE time on Monday, having earlier touched a record high of $81,899. The largest token climbed as much as 6.1 per cent on Sunday.
Bullish sentiment lifted smaller coins too, including Dogecoin, a meme-crowd favourite promoted by Trump supporter Elon Musk, which hit a three-year high. Second-ranked token Ether rose above $3,200 for the first time in over three months on Monday.
“Bitcoin is rallying on optimism that the Trump administration will be supportive of cryptocurrencies and digital assets. The bulls are eyeing the $100,000 level as we are back to uncharted territory and that’s the next psychological target,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Mr Trump’s decisive victory in the US presidential election has prompted celebration among the digital asset industry, which spent more than $100 million backing crypto-friendly candidates. The former president embraced digital assets during his campaign, promising to make the US the “crypto capital of the planet” and to accumulate a national stockpile of Bitcoin.
Bitcoin has added about 93 per cent so far in 2024, helped by robust demand for dedicated US exchange-traded funds and interest rate cuts by the Federal Reserve.
The ETFs, powered by BlackRock’s $35 billion iShares Bitcoin Trust, posted a record daily net inflow of almost $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.
Mr Trump also unveiled a new crypto business, World Liberty Financial in September, and investors have taken his personal interest in the sector as a friendly signal.
Eric Trump, one of the president-elect’s sons and executive vice president of his private conglomerate, The Trump Organisation, is a keynote speaker at the Bitcoin Mena conference in Abu Dhabi next month, according to the event organisers.
Bitcoin prices are expected to be heading higher as many key technical indicators are giving bullish signals, said Arun Leslie John, chief market analyst at Century Financial.
“After breaking above its previous all-time-high level of $73,794 set earlier this year, the cryptocurrency rose up to $81,888. A break above this level could mean prices testing the next key psychological resistance level of $82,000. If prices rally past this level, key Fibonacci extension levels could be tested at $83,000 and $85,267,” he added.
“With Mr Trump’s pro-crypto stance, headwinds for prices could potentially turn into tailwinds, with some analysts expecting prices to reach up to $100,000 in the short to medium term.”
Naeem Aslam, chief investment officer at Zaye Capital Markets, said more greed was creeping into the market, with traders becoming bolder because they believe it is no longer about Bitcoin hitting $100,000, but about crossing the $150,000 mark. Many traders believe this target could be reached by the first quarter of next year, he added.
"The crypto community believes that the game has totally changed for Bitcoin with President Trump taking the office back. For them, now Bitcoin has the real shot of becoming the ultimate digital gold," he said. "In addition, the days may not be that far when Bitcoin may begin to sit on the balance sheet of the government as a part of a reserve digital currency."
The US government deficit has been a major concern for both parties, with the deficit rising 8 per cent in the 2024 fiscal year to $1.8 trillion. Further tax cuts promised by Mr Trump during his campaign could add to this deficit, potentially weakening the dollar over time, Mr Aslam said.
“For many, Bitcoin is a hedge against currency devaluation and inflation, as it operates outside of traditional monetary policy constraints. With Mr Trump’s win, the conditions may be right for Bitcoin’s price to continue its ascent as investors seek alternatives to the dollar,” he added.
Mr Aslam said the post-election surges in Bitcoin have also tended to coincide with shifts in Fed policy. With a newly elected government, investors often expect changes in monetary policy direction.
“In the current scenario, market participants are eyeing the potential for further interest rate cuts from the Federal Reserve, which could further fuel Bitcoin’s appeal. Lower interest rates generally weaken the dollar, making assets like Bitcoin and gold more attractive as stores of value.”
Other cryptocurrencies have also recorded strong rallies. Among the top 10 coins by market cap, the most impressive performance over the past seven days has been for Dogecoin, followed by Cardano and Ethereum, Mr Aslam said. Solana has also performed well, looking at sales gains in the past seven days.
"When trading altcoins, especially the top 10 by market cap, it is important to keep an eye on the performance of these coins over seven days and compare that performance with the second-biggest coin by market cap, and that is Ethereum," Mr Aslam added.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
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UAE currency: the story behind the money in your pockets
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
UAE currency: the story behind the money in your pockets
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
WORLD CUP FINAL
England v South Africa
Yokohama International Stadium, Tokyo
Saturday, kick-off 1pm (UAE)
