Crypto Market in Red, Bitcoin Price More than USD 98,360, Ether, Solana Sees Big decline

There has been volatility in the crypto market for the last few weeks. After Donald Trump’s victory in the presidential election in America, Bitcoin, the largest cryptocurrency in terms of market value, had gained a lot. Recently Bitcoin had made a new high of more than one lakh dollars. However, there was a decline in the crypto market on Monday. The price of Bitcoin was down by almost one percent and was trading at $98,360 on the international crypto exchange Binance.

The second-largest cryptocurrency Ether had a loss of about 2,61 percent. Its price was around $3,861. Apart from this, there was a decline of about four percent in Solana and more than five percent in XRP. The government of India’s neighboring country Bhutan has transferred more than 400 bitcoins to QCP Capital. The value of this transaction is approximately four crore dollars. This shows that Bhutan is investing in the crypto segment.

The price of Bitcoin has doubled in the current year. Bitcoin has gained about 45 percent since Trump’s victory. Recently this most popular cryptocurrency had created a new high level of more than 1,03,000. Making policies for this segment may be on the agenda of the new Trump-led government that takes charge in the US early next year. The interest of institutional investors in this segment has also increased. Late last month, software company MicroStrategy bought about 15,400 bitcoins for about $1.5 billion. This company already has a large holding of Bitcoin.

MicroStrategy holds approximately 4,02,100 Bitcoins. This is a little less than two percent of the total supply of 21 million tokens of this most popular cryptocurrency. However, questions have also been raised regarding the company’s investment strategy in Bitcoin. MicroStrategy initially decided to invest in Bitcoin as a hedge against inflation. During the election campaign, Trump had indicated not to make strict regulations for cryptocurrencies. There are a large number of people investing in the crypto market in America. These investors are also likely to contribute to Trump’s victory.