Bitcoin prices hovered around $98,608 on international exchanges on Saturday, buoyed by bullish sentiment. donald trumpThe -led Republican Party is recapturing the White House. With its total market capitalization touching more than two trillion dollars, it is the oldest cryptocurrency An increase of 51 percent has been seen in the last one month.
It is expected that the Donald Trump-led US administration will adopt crypto-friendly policies when it takes office for its second term in January next year. The rally gained further momentum after BlackRock’s spot Bitcoin ETF Options Were Listed on Nasdaq on Tuesday.
Indian crypto industry insiders are naturally excited about this rally. Balaji Srihari, Head of Business at CoinSwitch, says, “Bitcoin has reached an all-time high, indicating that the much-anticipated $100,000 milestone may be within reach – many analysts predict that this mark will be reached by the end of November. can be achieved. Since the recent US election, encouraged by a more supportive regulatory framework and expectations of a potential national Bitcoin reserve, Bitcoin has been continuously setting new records; Which could legitimize Bitcoin as a government-backed asset. BlackRock’s Bitcoin ETF debuting options trading on Nasdaq is a big sign of growth in crypto adoption.
Apart from Bitcoin, other crypto tokens have also seen a surge. For example, XRP is up 188 percent in the past month and 37 percent in the past five days. Ether trades at $3,354 and BNB trades at $665 on Saturday, according to coinmarketcap data.
“Over the past 24 hours, Bitcoin hit a record high of $99,000,” says Shivam Thakral, CEO of BuyUcoin. In the US it is anticipated that Donald Trump’s victory in the election will lead to the implementation of crypto-friendly policies, leading to increased trading volumes and expectations of ETF approval. “As we approach the end of the year, the future looks extremely positive for XRP and the broader cryptocurrency market.”
“Bitcoin’s rally, driven by optimism around Donald Trump’s re-election, represents a transformative moment for the crypto and Web3 space,” says Vishal Sachendran, head of regional markets at Binance. His administration’s support for digital assets could lead to more progressive regulations, leading to a favorable environment for more institutional and retail investment in the sector. I believe the broader crypto ecosystem can benefit from policies that promote blockchain infrastructure, and provide a better path for financial institutions to engage with crypto.
need caution
Despite all the positive factors, crypto experts believe that investors should remain cautious and not get too carried away. It is common knowledge that bullish periods are often followed by sharp declines. Therefore, one should be cautious before getting too excited. CoinSwitch’s Srihari says, “Amid the euphoria, traders should remain cautious. Large price surges often lead to sharp corrections, and using too much leverage can increase risk during volatile periods.”
“It is also important to note that in such a bullish market, investors should also remain cautious, conduct thorough research and not make investment decisions based solely on market sentiment or hype,” says Binance’s Sachendran.
