LONDON: Bitcoin soared to a record high above $82,000 on Monday on expectations that cryptocurrencies will boom in a favourable 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 now more than doubled from the year’s low of $38,505 and was last at $82,236, having earlier touched a record high of $82,527.

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

“Bitcoin’s Trump-pump is alive and well... with Republicans on the cusp of taking the house to confirm a red wave in Congress, it seems the crypto crowd are betting on digital-currency deregulation,” said Matt Simpson, senior market analyst at City Index, referring to Republican control of both houses.