look news india
Mumbai: Bitcoin rose above $94,000 for the first time in the last 24 hours amid reports that US President-elect Donald Trump’s social media company is in talks to buy a crypto trading firm.
This move by Trump’s company has boosted hopes that the Trump administration will formulate a favorable policy for the cryptocurrency market.
After the return of Trump to the presidency of the United States, Bitcoin has increased by forty percent and the price of Bitcoin has doubled since the beginning of the current year 2024. In the last 24 hours, the price of Bitcoin was seen above $94038. While the low was at $91072, the late evening low was at $93300.
Other cryptos were Ethereum up $3128, XRP up $1.10, Dogecoin up $0.39. The global market cap of crypto was $3.08 trillion.
Reports that Trump Media & Technology Group, which runs Truth Social, is in talks to buy crypto trading firm Bakkt have fueled Bitcoin’s rally.
Crypto players are hoping that the Trump regime will have less regulatory standards on cryptocurrencies which will be favorable for the market. The cryptocurrency has been on a rise since Trump’s victory on November 5.
The crypto market also got support from reports that Trump has started replacing the head of the Securities and Exchange Commission (SEC) in the US.