Bitcoin surged past $82,000 on Monday, setting a new record as investors speculated on a favorable regulatory climate following the election of Donald Trump as U.S. president and the success of pro-crypto candidates in Congress.

The world’s largest and most well-known cryptocurrency has more than doubled from its yearly low of $38,505, recently trading at $81,991 after reaching a peak of $82,413.

Trump campaigned on a pro-crypto platform, promising to position the United States as the “crypto capital of the planet” and amass a national Bitcoin reserve.

“Bitcoin’s Trump-driven rally is going strong,” commented Matt Simpson, senior market analyst at City Index. “With Republicans poised to control Congress, the crypto community is…