look news india
Mumbai: Major cryptocurrencies, including bitcoin, saw gains on the first day of the week as leading contender for the upcoming US presidential election Donald Trump on Saturday expanded his agenda for cryptocurrencies and raised the possibility of a rate cut. US.
Bitcoin reached a six-week high. Bitcoin was priced at $69,448 late in the evening, having hit a low of $67,470 and a high of $69,843 in the past twenty-four hours. Ethereum was quoted at $3389. – The global market cap of cryptocurrencies rose to $2.48 trillion.
Bitcoin surged after Donald Trump announced plans to make bitcoin a national strategic asset when he takes office in November.
Speaking at a Bitcoin conference on Saturday, Trump said that apart from creating a Bitcoin reserve, he would also prevent the US from selling its Bitcoin holdings. There will come a time when Bitcoin will be a rival asset to gold.
Meanwhile, this week's Federal Open Market Committee (FOMC) meeting is expected to indicate an interest rate cut. Any announcement of an interest rate cut would be helpful in improving the market mood, a local crypto trader said.
Bitcoin is currently trading about $4,000 below its all-time high of close to $74,000. Bitcoin has been supported in the current year following the approval of the Bitcoin Spot ETF in January.