Bitcoin Reaches to New High of More than USD 1,06,000, Trump Gives Indication of Making Bitcoin Reserve

There is a boom in the crypto market after the victory of Donald Trump in the presidential election in America. The price of Bitcoin, the largest cryptocurrency in terms of market value, has also increased significantly. Bitcoin created a new high level of $1,06,488 on Monday. However, after this there has been some decline in its price.

At the time of writing this report, the price of Bitcoin was up by almost three percent on the international crypto exchange Binance to more than $ 1,04,700. The share of Bitcoin in the crypto market has increased to about 56 percent. In America, Trump has informed about the plan to create a reserve of Bitcoin along with the strategic oil reserve. This has led to a rise in the price of this most popular cryptocurrency. The capitalization of the crypto market has also almost doubled this year to approximately $3.8 billion.

The new government will take charge in America early next year. Trump has hinted at making a policy in favor of crypto. Even during the election campaign, Trump had talked about not making strict regulations regarding crypto. Last week, Trump told traders at the NYSE that he wanted crypto to be promoted in the US before other countries. Trump said, “We are going to do something big with crypto. We don’t want China or any other country to build the system for it. We want to lead it.”

The interest of institutional investors in this segment is also increasing. In the last few weeks, software company Microstrategy has increased its holding of Bitcoin. The company recently told the US Securities and Exchange Commission (SEC) in a filing that it had purchased approximately 21,550 bitcoins for approximately $2.1 billion between December 2 and 8. For this, an average price of $ 98,783 per bitcoin has been paid. The company has sold shares worth more than two billion dollars for this purchase. The company has a total of 4,23,650 bitcoins. For this, the company’s average cost per bitcoin is approximately $60,324. However, another big software company Microsoft has decided not to invest in Bitcoin.