look news india
Mumbai: Cryptocurrencies led by Bitcoin witnessed significant gains in the last twenty-four hours amid speculations over the outcome of the US presidential election next week. Bitcoin crossed $71,000 for the first time since June this year. Other cryptos like Ethereum, Solana, BNB, Dogecoin also lagged behind Bitcoin.
In the last twenty-four hours, Bitcoin saw a low of $68,273 and a high of $71,478. Ethereum was at $2622 while BNB was at $605. The global market cap of cryptocurrencies increased to $2.51 trillion.
Donald Trump is currently rumored to be the frontrunner for the US presidency. Trump is in favor of cryptocurrencies. If Trump wins, players are expecting the situation to be favorable for crypto.
When elections are going to be held in America on November 5, it is expected to see huge volatility in cryptocurrencies before that.
Bitcoin prices are also being supported by strong inflows into ETFs. Spot Bitcoin ETFs in the US have seen net inflows of $3.30 billion in the current month.
Bitcoin has seen a 70 percent increase so far in 2024.