Bitcoin hits $80,000 for the first time as Donald Trump insists he will make the US 'the crypto capital of the planet'

The cryptocurrency rose by 4.5 per cent on the day to reach its highest-ever price – the equivalent of £61,943.49.

Bitcoin hit a record high of $80,000 for the first time on Monday, following Donald Trump's thumping victory in the US election.

The cryptocurrency soared by 4.5 per cent on the day to reach its highest-ever price - the equivalent of £61,943.49.

Fresh gains were clocked on Monday as a result of Mr Trump's wins in swing states Nevada and Arizona.

The Republican President-elect has vowed to make the US 'the crypto capital of the planet'.

There has been a huge Bitcoin rally since Mr Trump's victory last week, with the cryptocurrency hitting $75,000 on election night.

Standard Chartered's global head of digital assets research, Geoff Kendrick, predicts that Bitcoin will continue to soar and hit a $100,000 valuation by the end of the year, which he says is 'easily achievable'.

Investment director at AJ Bell, Russ Mould, said that Bitcoin was 'always going to soar' if Mr Trump won the election.

'Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,' Mr Mould added.