The price of Bitcoin has risen above $80,000 for the first time following the election of Donald Trump as US president.

The world’s largest digital currency climbed rapidly to a new record high on Sunday before hitting $81,899 overnight.

The surge in bitcoin comes as the Republicans edge closer to taking full control of Congress.

Since his historic election win last week, bitcoin has risen from just shy of $70,000 after Mr Trump embraced digital assets during his campaign.

Promising to make the US "the crypto capital of the planet," the self-styled "crypto president" promised to accumulate a national stockpile of bitcoin.

The president-elect also said he would water down regulatory restrictions after he cryptocurrency industry spent almost $120million backing pro-crypto congressional candidates.

Matt Simpson, senior market analyst at City Index, said: “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.”

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