Amidst the US presidential elections, the price of Bitcoin has reached its all-time high and has broken all previous records.The price of the world’s largest crypto rose to $74,504 (roughly Rs. 66.70 lakhs) on Tuesday, surpassing its all-time high of $73,780 hit in March, according to CoinGecko .The price of Bitcoin has increased by more than 9 percent in 24 hours and its value has more than doubled in 12 months.
Markets are rising due to Trump’s lead
Market experts had already predicted that if Republican candidate Donald Trump wins the election, the US stock market would see a boom.Analysts say a “Trump trade” is underway, helping boost risk assets including equities and crypto.In the results that have come in so far, Trump is ahead of Democratic candidate Kamala Harris .270 electoral votes are required to win.
Kamala Harris was silent on this issue
A major reason for the growth seen in equity and crypto is Trump’s statement on this.During the election campaign in the US, Trump had openly said that he would help the digital asset industry, while Harris was silent on this issue. Now the market is in the lead due to Trump’s lead.Matthew Siegel, head of digital assets research at VanEck, explained that there is a lot of excitement in the crypto industry.
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