look news india
Mumbai: Cryptocurrencies are seeing an uptrend as the US elections approach, with major crypto Bitcoin retreating from a profitable selloff after reaching close to $69,500 in the last twenty-four hours.
The crypto market is witnessing an increase in vertical volatility due to the possibility of extreme volatility before and after next month's presidential election in the United States.
Bitcoin reached a three-month high in the last twenty-four hours. The chances of Donald Trump winning the election have increased. Trump is in favor of cryptocurrency, due to which the mentality of the players has also been positive. Market sources said speculative trading and the possibility of regulatory reforms in the cryptomarket if Donald Trump wins, are currently driving crypto players. Elections will be held in America on 5 November.
The combined $40.63 billion in Bitcoin futures across major exchanges is believed to be an all-time high. An increase in the vertical bars indicates that new inflation is coming to the market.
Bitcoin was trading at 68316 kwat late in the evening after hitting a high of $69,470 and a low of $68,118 in the last twenty-four hours. Other cryptos like Solana, Ethereum, XRP, etc. saw a stream behind Bitcoin. The total market cap increased to $2.39 trillion.