Crypto Market Soars After Donald Trump's Victory, Bitcoin Nears $75,000
Following Donald Trump's victory in the US presidential elections, the crypto market has witnessed a surge in enthusiasm. Bitcoin, the largest cryptocurrency, has set a new record, reaching nearly $75,000. On international exchanges, Bitcoin was trading around $74,935, while on Indian exchanges, it was nearing $75,975.
Meanwhile, the second-largest cryptocurrency, Ether, also saw a surge of approximately 6.7%. Ether was trading around $2,590 on international exchanges, while on Indian exchanges, it was trading near $2,680. Additionally, other cryptocurrencies like Avalanche, Chainlink, Tether, USD Coin, Solana, Binance Coin, Ripple, and Cardano have also seen an increase in their prices. The crypto market capitalization has seen an increase of over 11% in the past day, now reaching approximately $2.48 trillion.
Analysts' Opinions:
Ryan Lee, Chief Analyst at Beetgate Research, in a conversation with Gadgets360, said, "The market has reacted positively to Trump's victory. Bitcoin has hit a new high. However, some concerns remain. If Trump introduces policies favoring crypto, the market could see an even bigger surge."
Sumit Gupta, co-founder of CoinDCX, stated, "Several cryptocurrencies are seeing double-digit growth, indicating the market's strength. Trump's victory increases the likelihood of pro-crypto policies, which could attract more institutional investors to the market."
Trump's Changing Stance on Crypto:
Although Donald Trump previously labeled cryptocurrencies as a "scam," he has now begun to support digital assets. After announcing his candidacy for the presidency again, Trump changed his stance on cryptocurrencies and promised to make the US the "crypto capital of the world." He has also hinted that he would work towards encouraging crypto rather than imposing strict regulations and plans to create a Bitcoin reserve.
Growing Influence of Crypto Investors in the US:
The number of crypto investors in the US is quite large, and it is believed that these investors played a significant role in Trump's victory. In September this year, Trump launched his new crypto venture, "World Liberty Financial," which includes his family and associates. However, given the increase in crypto-related fraudulent cases in recent years, there is speculation that Trump's policies might reduce such incidents.
Conclusion:
The crypto market is buzzing with excitement following Donald Trump's victory, and if Trump introduces pro-crypto policies, it could be a significant boost for the market. Crypto investors are eagerly awaiting Trump's future moves, especially as he works towards making it an attractive option for institutional investors. The crypto market is expected to see further growth in the coming times.
