Bitcoin broke above $80,000 for the first time, continuing the rally caused by the election of Donald Trump, who unlike in his first term now appears to be “embracing” digital assets.

The market is optimistic that Congress, where Republicans have taken control of the Senate and need just 5 seats to win the House of Representatives, will have enough lawmakers in favor of cryptocurrencies.

Bitcoin climbed as much as 4.7% to hit a record high of $80,092 for the first time on Sunday, after earlier trading just below the $80,000 mark at $79,715.96, according to Coindesk, up 4.37%. .

A strong increase of 5.46% is recorded by Ether, which moves to $3,203, while Dogecoin jumps 19.4% to $0.24570754, and XRP jumps 11.99% to $0.61515504. Solana is also up 2.63% at $205.61.

Trump promised in his election campaign to put the US at the center of the digital asset industry, including the creation of a strategic Bitcoin reserve.

Trump’s stance contrasts with President Joe Biden’s crackdown on cryptocurrencies. Securities and Exchange Commission Chairman Gary Gensler has repeatedly accused the industry of being rife with “fraud and misconduct.”

Digital asset companies and executives spent big during the US election campaign to promote candidates seen as favorable to their interests.