Bitcoin Gets Speed ​​With Support of Trump, Makes New High of More than USD 1,07,000

The crypto market has gained momentum after Donald Trump’s victory in the presidential election in America last month. Bitcoin, the largest cryptocurrency in terms of market value, has continuously made new highs. Bitcoin has touched a new high of more than $1,07,700. The price of this most popular cryptocurrency has increased rapidly due to Trump’s hint of creating Bitcoin reserves.

During the election campaign, Trump had informed about making a policy in the interest of cryptocurrencies. Trump has announced the appointment of Paul Atkins, considered a supporter of cryptocurrencies, as the next chairman of America’s market regulator Securities and Exchange Commission (SEC). Atkins has also previously held the position of commissioner in the SEC. The market capitalization of Bitcoin has increased to approximately $2.11 trillion.

The interest of institutional investors in this segment has also increased. Enterprise software maker MicroStrategy has a large holding of Bitcoin. This company has been included in Nasdaq 100. However, questions have also been raised regarding the company’s investment strategy in Bitcoin. MicroStrategy initially decided to invest in Bitcoin to hedge against inflation. The price of Bitcoin has increased more than double this year. It has increased by more than 40 percent since Trump’s victory. The crypto market also gained momentum after Bitcoin Exchange Traded Funds (ETF) were approved in the US earlier this year. Bitcoin Spot ETF has received good response. Institutional investors have a major stake in this.

During the election campaign, Trump had indicated not to make strict regulations for cryptocurrencies. He also promised to make America the crypto capital of the world. There are a large number of people investing in the crypto market in America. These investors are also expected to contribute to Trump’s victory. Under the government of current US President Joe Biden, regulators had demanded strict enforcement action against crypto-related firms. However, these regulators had rejected the industry’s demand for making regulations.